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Medicare Supplement Insurance Prices Rise, Spread Increases Dramatically

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LOS ANGELES - Amzeal -- Rates for many Medicare Supplement policies increased 6 percent compared to 2022 according to new analysis conducted by the American Association for Medicare Supplement Insurance (AAMSI).

The 2023 Medicare Supplement Price Index reports the lowest and highest rates for men and women turning age 65. The analysis shares Medigap Plan G premiums across 10 major U.S. markets. AAMSI previously reported that Plan G is the most popular choice among seniors turning 65 and opting for Medicare Supplement (Medigap) coverage.

"Medigap rates increased in 28 of the 40 results," reports Jesse Slome, director of the organization. "However, in 10 instances, there is a nominal decrease in the lowest monthly rates available."

The lowest available rates for Medigap continue to be available in Dallas. "A woman turning 65 can find Plan G coverage for as little as $99 a month," Slome shares. "By comparison, the lowest cost for a woman living in Manhattan is $282. In Los Angeles, the lowest monthly premium available is $143."

Highest available premiums were found in Phoenix and New York City. "One insurer charges men turning age 65 just over $532 monthly for Plan G coverage," Slome notes. "That is significantly higher than the $397 rate we reported in 2022 and more than 4 times the cost of the lowest available cost."

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The Medicare insurance expert explained the increased importance of Medicare comparison shopping. "The spread between the lowest and highest available prices increased and typically is at least 100 to 200 percent. In some markets there are 20 different insurers offering Medigap policies which can make comparison shopping more difficult."

Access the 2023 Medigap Plan G Price Index on the Association's webpage at https://medicaresupp.org/best-medigap-plan-g-costs-2023/. Or go to https://www.medicaresupp.org/2023-PlanG/. The report shows the lowest and highest policy costs for men and women turning age 65.

The American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions.

The organization makes available a free online directory listing local Medicare insurance agents. "Medicare is a national program but plan options are local," Slome stresses. "It pays to speak with at least one local pro before making this important decision."

Source: AAMSI
Filed Under: Financial

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