Medicare Supplement plans are nationally-standardized plans. What this means is that the coverage is the same in each state (with very few exceptions). So, comparing the plans is easy to do, regardless of which state you are in. Medicare Supplements in the Southern states are very competitively priced in almost all cases.
Texas Medigap plans, Louisiana Medigap, South Carolina Medigap, North Carolina Medigap plans and Georgia Medigap plans, in particular, are very competitively-priced and offer top-notch coverage to fill in the “gaps” in original Medicare Parts A & B.
In each state, there are a bevy of competitively-priced companies. While the price can vary greatly from one company to another, the thing that stays the same is the coverage that the plans offer. A Medigap Plan F is the most comprehensive plan – it covers everything that Medicare itself doesn’t cover so that you don’t have any out of pocket costs. This is the most common plan – many people like the convenience of not having to pay anything at the doctor or hospital.
However, Medigap Plan G can sometimes be a better value and make more financial sense. The only difference between F and G is that G does not cover the Medicare Part B deductible. This deductible, for 2011, is only $162/year. So if the premium savings is greater than that, then obviously Plan G makes more financial sense.
In some states, particularly in the Northeast and larger states (like Florida and California), Medigap plans can be very expensive, almost cost-prohibitive. Even though they cover the same things, the cost are considerably higher in some states.
Those that live in the southern states, including Texas, Louisiana, South Carolina, North Carolina, and Georgia, should count themselves fortunate to be in a place where rates are not too high to afford. In the southern states, the vast majority of Medicare-eligible people select some type of plan in addition to Medicare. Very few people choose to have Medicare-only coverage.
Costs certainly vary based on your age and zip code. But to give you an idea, premiums for a Plan F in one of the southern states are typically around $100-120/month. In some other states, New York for example, this same plan would be $200+ a month. This is even something to consider if you are moving – either from the Northeast US to the South or from the South to the Northeast. It can make a big difference in your living expenses if you are on a fixed income.
Altogether, Medigap plans are certainly standardized Federally. However, rates can vary greatly from one state to another. The place that rates are most competitive are in the Southern states, generally speaking. To get Medicare supplement quotes by email, please contact us online.