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How Much Does Medigap Insurance Cost On Average?

How Much Does Medigap Insurance Cost On Average?

The average cost of Medigap insurance (also called a Medicare Supplement) is very hard to pin down because there are so many variables. For starters, there are 11 different Medigap plans to choose from, each with different levels of coverage, and of course, different costs.

Secondly, there are individual factors that will ultimately affect how much you pay for your plan, which include:

  1. Your age
  2. Your gender
  3. Your location
  4. Whether or not you use tobacco

Let’s take a look at how these variables will affect the average cost of a Medicare Supplement, and we’ll go through some sample quotes to give you a feel for the price of Medicare Supplement insurance.

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Who Pays the Least for Medicare Supplement Insurance?

The first factor that determines the cost of your Medigap plan is your age. The younger you are, the cheaper the plan will be.

Most Medicare Supplements are based on “attained age” pricing. This just means that the price of the plan is based on your current age – the age you have “attained.” The price of the plan will go up each year.

average cost of a medigap plan attained age pricing

Medicare.gov gives the following two examples to help us understand how this common pricing structure works:

“Mrs. Anderson is age 65. She pays a $120 monthly premium. Her premium will go up every year. At age 66, her premium goes up to $126. At age 67, her premium goes up to $132. At age 72, her premium goes up to $165.

Mr. Dodd is age 72. He buys the same Medigap policy as Mrs. Anderson. He pays a $165 monthly premium. His premium is higher than Mrs. Anderson’s because it is based on his current age. Mr. Dodd’s premium will go up every year. At age 73, his premium goes up to $171. At age 74, his premium goes up to $177.”

There are two other pricing structures, which are called “issue age” and “community rated.” Issue age policies are based on the age you are when you buy your policy, and community rated policies have the same monthly premium for everyone.

As you can see, being 65 will give you a lower premium than being 75 or 80.

Secondly, females have a lower premium than males. If you run the same quote – same age, zip code, and plan – the female will generally pay $10-$15 less per month than the male.

There are two reasons for this. The first is that women tend to have better health than their male counterparts. This means that women cost the insurance company less (in general), so they enjoy a lower premium than men.

Secondly, women tend to live longer than men. This means women will ultimately pay more – in the long run – than men, so companies can afford to lower that monthly premium.

average cost a medigap plan

Where you live is also a huge factor when it comes to your personal Medigap premium. Larger cities, and especially cities where people are wealthier, are going to have higher Medigap premiums. Smaller cities, and areas where the average wealth is lower, are going to have lower premiums.

According to the 2017 National Medicare Supplement Price Index, the price gap for the same person (and the same exact plan!) varies from $464-per-month in Manhattan, NY to as little as $126-per-month in San Antonio, TX.

As you can see, where you live has a huge impact on how much you’ll pay.

Finally, whether or not you use tobacco will have an impact on your Medigap costs. Smokers tend to pay around $15 more for the same plan as non-smokers.

This can vary depending on all the other factors we’ve gone over, but if you’re a tobacco user, expect to pay a higher premium for the same coverage.

Read more: The Real Cost of Smoking Cigarettes: How Being a Tobacco User Affects Your Insurance Rates

What’s the Average Cost of a Medigap Plan F?

We’re going to give some samples of the average cost of a Medigap Plan F in several areas. A Plan F is comprehensive coverage for all Medicare-approved expenses. You wouldn’t have to pay any out-of-pocket costs at all as long as the service is approved by Medicare.

You probably want to know just how much a Medigap Plan F would cost you. We offer free Medigap quotes at any time. Just click the button below to contact us.

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For all of our examples, we are going to run examples for non-tobacco individuals. If you do smoke, just know that your rate would be inflated a little bit. Contact us for specific pricing information.

Average Cost of a Plan F in Wichita, Kansas*

Age 65, Female $124.78
Age 65, Male $141.15
Age 70, Female $132.36
Age 70, Male $149.91

*zip code 67052; rates are samples only and are subject to change; contact us for a personalized quote

Average Cost of a Plan F in Chicago, Illinois*

Age 65, Female $134.08
Age 65, Male $152.25
Age 70, Female $146.04
Age 70, Male $167.95

*zip code 60131; rates are samples only and are subject to change; contact us for a personalized quote

Average Cost of a Plan F in Waco, Texas*

Age 65, Female $119.60
Age 65, Male $131.98
Age 70, Female $126.19
Age 70, Male $142.03

*zip code 76633; rates are samples only and are subject to change; contact us for a personalized quote

What’s the Average Cost of a Medigap Plan G?

A Medigap Plan G offers the same coverage as a Plan F, except you are responsible for the Part B deductible. This changes each year, but here is the history of that deductible:

2015: $147

2016: $166

2017: $183

2018: $183

2019: $185

So, what does the average cost of a Plan G look like?

Average Cost of a Plan G in Wichita, Kansas*

Age 65, Female $100.77
Age 65, Male $112.91
Age 70, Female $110.14
Age 70, Male $119.47

*zip code 67052; rates are samples only and are subject to change; contact us for a personalized quote

Average Cost of a Plan G in Chicago, Illinois*

Age 65, Female $104.54
Age 65, Male $118.83
Age 70, Female $115.31
Age 70, Male $131.75

*zip code 60131; rates are samples only and are subject to change; contact us for a personalized quote

Average Cost of a Plan G in Waco, Texas*

Age 65, Female $92.87
Age 65, Male $102.54
Age 70, Female $100.96
Age 70, Male $112.98

*zip code 76633; rates are samples only and are subject to change; contact us for a personalized quote

What’s the Average Cost of a Medigap Plan N?

Medigap Plan N is the lowest cost option out of the three we’re covering in this article, but it also comes with some additional costs – if you see the doctor often.

When you have a Medigap Plan N, you pay a small copay when you go to the doctor’s office. However, it’s usually only about $10. It will never exceed $20. The copayment to go to the emergency room is usually $50. But keep in mind that there is NO copayment to visit an urgent care facility.

You are also exposed to excess charges, which are covered under a Plan F or G. We won’t get too deep into excess charges, but just know that they’re very rare, and they can be easily avoided.

Just ask if your doctor accepts Medicare assignment before ever going in for a visit. If they do, you have nothing to worry about. If they don’t, find a new doctor or consider getting a Plan G or a Plan F.

Average Cost of a Plan N in Wichita, Kansas*

Age 65, Female $81.03
Age 65, Male $90.20
Age 70, Female $89.19
Age 70, Male $95.44

*zip code 67052; rates are samples only and are subject to change; contact us for a personalized quote

Average Cost of a Plan N in Chicago, Illinois*

Age 65, Female $83.34
Age 65, Male $95.79
Age 70, Female $92.14
Age 70, Male $105.91

*zip code 60131; rates are samples only and are subject to change; contact us for a personalized quote

Average Cost of a Plan N in Waco, Texas*

Age 65, Female $74.22
Age 65, Male $85.20
Age 70, Female $81.55
Age 70, Male $93.44

*zip code 76633; rates are samples only and are subject to change; contact us for a personalized quote

Get a Medigap Quote

Now that you have an idea of how much Medigap insurance costs, why not find out what it would cost you?

With a little information about you, the experts at Medicare Allies can run quotes for many different kinds of coverage.

Since we represent many carriers, we can compare costs for several companies to find the best price for you.

There’s never an obligation to buy – sometimes, you just want to know if insurance fits your budget. We understand that, and we’re ready to help.

Get started by visiting our Insurance Quote page, or click the link below.

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