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Medicare Insurance: Lowest Available Medigap Plan G Rates Reported
"Medicare is a national program but Medicare plan options are local," explains Jesse Slome, director of the organization. AAMSI has just published the 2023 Medigap Price Index for Plan G coverage. The report reflects the lowest rate found in each state for those turning age 65.
According to AAMSI data, Plan G is the option selected by 51% of seniors purchasing Medicare Supplement (Medigap) coverage when they turn 65.
"There are just a few insurance companies offering Medigap plans or as many as 20 depending on where you live," Slome notes. "Prices can vary significantly because while plan provisions are virtually identical, each company gets to charge what they want. It's up to seniors to compare before making a final selection."
While the lowest priced Plan G policy reported for Iowa cost $78.65-per-month, the most expensive in the same Zip Code is $192.09. "In Manhattan (New York) the cheapest monthly premium was $278.25 but the most expensive is $476.04," Slome shares. "That is a significant difference for basically identical coverage."
No Medigap insurance company was always the least expensive according to Slome. "Neither was one consistently the most expensive." In addition, insurance companies may offer discounts that can save seniors when both spouses or partners are covered. These were not taken into account when compiling the data.
The 2023 Medigap pricing data can be accessed at https://medicaresupp.org/
The American Association for Medicare Supplement Insurance advocates for the importance of consumer education and supports insurance and financial professionals who market Medicare insurance solutions. To learn more, go to https://www.medicaresupp.org.
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