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The Medigap Market

Author: Jesse Bannister

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The cost for a medigap plan can vary greatly depending on several factors. Below is a list of factors to consider that will effect your monthly premium.

 

Age: Your current age is perhaps the largest factor in medicare supplement prices. The older you are the higher your premiums will be. If you are going to purchase a medigap plan it is always best to purchase sooner rather than later, prices only go up as you age.

 

Location: Prices can vary accross zip codes, cities and even states. For example; a company that has a great price on the west side of town maybe the most expensive on the north side of town. Or the insurer offering the best price in Ohio, might be the most expensive in Arizona. it is always best to work with an independent agent who offers several carrier options to make sure you are always getting the best price regardless of location.

 

Coverage Level: Generally speaking, the more coverage you purchase the higher your monthly premium will be.  Medigap Plan F covers 100% of your Medicare gaps therefore it will typically be quite a bit more expensive than Plan N with a high cost share.

 

Company: allthough Medicare supplement companies all offer the same set of 10 standardized plans, prices can vary significantly between them. Make sure you shop prices with several different companies by using our Medicare supplement quote tool.

What effects Medicare supplement costs?