Medicare Insurance Association Releases 2024 Medigap Plan G Price Index

By: AAMSI
 
LOS ANGELES - Feb. 2, 2024 - PRLog -- A man turning 65 in Dallas could pay as little as $118-per-month or as much as $257 for a Medicare Supplement Plan G policy according to the 2024 Medigap Price Index published by the American Association for Medicare Supplement Insurance. A man turning 65 in Manhattan, (NYC) could pay as little as $306 or as much as $527 monthly.

"Medigap Plan G policies are all virtually identical but the same can't be said about what insurers charge for this coverage," reports Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI).

According to the latest data published by the advocacy organization, Plan G is the most-common choice among seniors turning 65 who opted for Medicare along with Medicare Supplement coverage.

The organization's annual analysis revealed some significant information about Medigap plan pricing. The analysis looked at pricing for men and women turning age 65 in 10 top U.S. metropolitan areas. Among the findings were:

In 17 markets available 2024 rates were lower than a year ago (2023).
In 23 markets rates were higher than 2023.
The lowest reported rate ($99.64 monthly) is available for females in Phoenix.
In New York City, men and women could pay as much as $526.85-per-month.
Women at age 65 generally pay less for Plan G coverage than men.
Discounts of up to 15% may be available for households with 2 people.

"Seniors unfortunately don't realize the significant difference in pricing offered by insurers," Slome admits. The study found that no single insurer always had the least expensive Medigap Plan G policy. "Likewise, no insurer was consistently the most expensive," Slome notes.

"When comparing Medigap plans in 2024, a senior can have anywhere from 4 to 20 different plans and insurers available," Slome explains. "Getting information and comparison shopping is the only way to get the best information. The insurance agent you speak with may only represent one particular plan. Even if they can sell plans from multiple insurers, it's not likely they can represent all of them."

To access the 2024 Medigap Price Index, go to https://medicaresupp.org/best-costs-medigap-2024/ . The organization makes available the leading online directory enabling seniors to find local Medicare insurance agents in their Zip Code. To use the directory, go to: https://medicaresupp.org/find-local-agent/ .

The American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions.

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Source:AAMSI
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Tags:Insurance
Industry:Financial
Location:Los Angeles - California - United States
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