What Is The Approximate Cost Of Medigap Insurance?

1. 

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   Jason Goldenzweig

   Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada

   Thanks very much for your question. In addition to your age, health statuses, and non-smoking statuses, I would need to know your zip code to run the quotes for you. The rates will vary quite a bit depending on where in the country you're located (as well as which Medigap plan is desired - the most popular being plans F & G). For non-smokers, plans F and G can genearlly range from as low as $75 per month to over $150 per month depending Medigap plan letter, your zip code, male vs. female, and ages.
   
   If you're a husband and wife applying together, you can also get a household discount of up to 12% (again, depending on where you live and the carrier the coverage is through) when you apply together - different insurance companies feature different discount structures.
   
   Please send me an e-mail via the contact me button or call me at 703-665-9133 to go over the quotes directly. I don't charge any fees for my services and there is no extra cost in premium to purchase coverage through an independent agent vs. going to the carrier directly. I'm licensed with multiple insurance companies in a number of states and can compare each of them for you at the same time instantly.
   
   I hope my information is helpful. Thanks very much for your question.

   Answered on August 10, 2015

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   Anthony Griffin

   The cost of Medigap policies can vary widely. There can be big differences in premiums that insurance companies charge for exactly the same coverage. As you shop for a Medigap policy, be sure you are comparing the same Medigap policy (for example, compare a Plan A from one company with Plan A from another company). Each insurance company sets its own premiums. It is important to ask how an insurance company prices Medigap policies. How they set the price affects how much you pay now and in the future.

   Answered on August 10, 2015

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   Ruth Ladas

   CEO, RLI - Ruth Ladas Insurance, LLC, Fort Myers, Florida

   The coverages provided by a Medigap (Medicare Supplement) are standardized and the broadest coverage is on Plan F. If you want any doctor, anywhere, anytime this is the plan for you. Though the plans are standardized, the premiums will vary from carrier to carrier and from state to state. When you're looking at a carrier, consider also any of the special terms that they offer. For example, my state, Florida, the carrier Florida Blue (Blue Cross/Blue Shield) offers to retain you present age on your pricing for renewals. This can have a big impact on your cost over time. This means that if you sign up at 65 with them, they keep charging you at the 65 year old rate as you get older. This can be a significant savings over time!

   Answered on August 29, 2015

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   Joe 'Gravy' Graves

   Owner, I Hate Buying Insurance, Nashville TN

   May I reword the question?? I would ask, "What is the price (what you pay each month) vs. the cost (total of premiums, rates increases, and out of pocket costs) over time. As stated above, plans are standardized. An Plan F is a Plan F is a Plan F... I'm picking on F because at my office ... Plan F is almost an F-word.... Price is what you pay today. Think of the total cost of ownership over time. The national rate increase of a Plan F, carrier to carrier, State to State, is significantly more than a Plan G. We've constructed a spreadsheet to illustrate what the COST of Plan F is vs. Plan G over a 10 year period. Even when you pay out the Part B deductible each year, a Plan F becomes more expensive into the thousands of dollars. So start thinking about the total cost as well as the monthly price.
   -gravy

   Answered on February 13, 2016

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