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What Does Medicare Supplement (Medigap) Insurance Cost?

What does Medicare Supplement, also known as Medigap cover and cost? The short answer is that Medigap helps pay for Medicare deductibles and copays you would otherwise have to pay out of pocket.

While there are numerous companies that sell Medigap plans, they all MUST sell the exact same benefits or standard benefits of each plan.

Average Medicare supplement insurance costs are different for specific age groups noted below:

  • Under 65: Average Cost +/- $156
  • Ages 65-70: Average Cost +/- $134
  • Ages 71-79: Average Cost +/- $$168
  • Over 80: Average Cost +/- $205

The Medicare Supplement insurance premium costs are determined by three variables; community ratings, issue-age ratings and attained-age ratings.

Basically there are 10 different Medigap plans available. If you are enrolled in Medicare Part A and/or Part B, you can sign up for one of these Medigap plans.

However, if you have a Medicare Advantage Plan (Part C Medicare) you are NOT eligible for Medigap.

The 10 Medigap plans are named with letters of the alphabet – just like Medicare. They are A, B, C, D, F, G, K, L, M and N. Medigap plans are standardized by their letter. Plan F offered in one state or by one insurance company offers the exact same benefits as Plan F offered in another state / by a different insurance company.

Even though the benefits are the same, different insurance companies charge different rates for the same plan.

The plans vary based off how much of the costs they’ll cover. The more the plan covers, the more the plan premium will cost. Some plans require higher cost-sharing, others are high deductible and some help you cover more cost.

To choose the right Medigap plan for you, you need to evaluate your individual situation and compare it to each plan. Figure out which plans meet your needs, and which ones you can afford.

When it comes to choosing the right Medigap plan for you, you have to consider your budget, lifestyle and your health condition.

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