Many people want to have a general idea of rates on Medicare insurance before they spend the time to actually request and obtain the information. While that’s certainly okay, it is easy to obtain the quotes from a reputable, independent brokerage. That said, this article is intended to give you an idea of how much it would cost you to get a Medigap plan.
First of all, Medigap rates vary greatly by state/zip code. The determining factors that go into how much you will pay for a Medigap plan are: gender, age, zip code, tobacco usage and (in some cases) health. Different parts of the country have different pricing. In general, the South, Southeast and Midwest U.S. have more conservatively priced Medigap plans, whereas in the Northeast, California and Florida, plans are more expensive.
Besides the factors listed above, by which rates vary for the same coverage, there are also different coverage levels. Plan F is the most common and comprehensive plan. This plan fills in all of the gaps in Medicare so that you don’t have any out of pocket costs. Plan G is one level below that, and Plan N is below Plan G (as far as amount of coverage). To compare “apples to apples”, let’s start with Plan F rates. In more conservatively priced areas, you could expect to pay between $100-120/month for a Plan F if you are turning 65 or close to age 65. In more expensive areas, New York or Florida for example, Plan F rates can be at least double that – you should expect to pay closer to $220-250/month for a Plan F. In general, rates are higher in more urban areas or areas of the country in which the cost of living is higher.
From Plan F rates, we can go down to Plan G rates, which are generally $10-30/month lower than Plan F rates (depending on the company). Some companies “specialize” in Plan G, in that they price their G plans so that more people would go that route as opposed to Plan F. Plan N rates are generally $10-30/month lower than Plan G, so they can be as much as $50 or so less than Plan F rates, depending again on the company and area of the country.
Medigap rates can certainly vary a good bit, depending on your age, where you live, your health, etc. The key is comparing the plans in an unbiased way and choosing a plan based primarily on the rates and rating of the company. Also, you should be aware of when you can sign up for a Medigap plan. If you want to get Medigap rates, contact us online or call us at 877.506.3378.