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A record number of Americans will turn 65 in 2022 according to U.S. Census data. Some 4.3 million babies were born in 1957, more than any other prior year. The number represents a highpoint that the nation won’t reach again until 2072.
Turning 65 is a significant milestone for many aging individuals. For millions it’s when eligibility for Medicare begins. Eligibility is accompanied by the need to make important decisions that can significantly impact your healthcare as well as your retirement savings and income.
Options available include just maintaining Original Medicare (Medicare Parts A and B). For some 26 million, a Medicare Advantage (Medicare C) plan was the option that makes the most sense. These are typically the plans you see advertised on television offering no-cost options and more-recently multiple new free benefits.
For nearly 15 million Americans purchasing a Medicare Supplement policy is the preferred choice. Medicare Supplement, also commonly called Medigap, fills in the gaps in Original Medicare coverage. Policies are identified with letters, such as Plan G and Plan N which are the two most popular choices among individuals turning 65.
All Medicare Supplement Plan G policies provide the exact same coverage or benefits. These plans are “standardized” in terms of coverage and amounts that the individual may be responsible for.
That said, not all Plan G policies cost the same. Insurance companies are free to charge what they want for them. And indeed they do. For that reason, the latest data from the 2022 Medicare Supplement Price Index provides valuable insights for those who’ll be shopping for Medicare plan options this year.
Significant Spread Between Lowest and Highest Medigap Prices
According to the analysis of Plan G rates, a 65-year-old woman in Dallas could pay as little as $99.24 monthly for coverage. The highest rate being charged for Plan G in the Dallas metro-area is $202.16 monthly, a $1,235 annual difference.
The industry study found that no single insurance company consistently had the lowest premium costs. Neither was any one company regularly the costliest. In some markets only 5 or 6 insurers offered Medigap plans. Typically, an individual could choose from between 10 and 20 plans from major insurance companies as well as some lesser-known names.
Lowest Medicare Supplement Costs For Top-10 Markets
The 2022 price analysis found that the lowest available cost rose nominally in 4 of the top-10 markets including New York City, Chicago, Houston and Phoenix. In 2 markets, Philadelphia and Atlanta, costs actually declined compared to the 2021 study.
Finding the best Medicare Supplement insurance coverage can be worth the time and effort. The savings can be significant in both the short and long-term. The following are the lowest monthly costs reported by the 2022 Price Index for a 65-year-old female:
- New York – $278.25
- Los Angeles – $135.00
- Chicago – $116.30
- Washington, D.C. – $104.44
- Houston – $121.18
- Dallas – $99.24
- San Francisco – $115.00
- Philadelphia – $124.51
- Phoenix – $115.52
- Atlanta – $116.36
Source: American Association for Medicare Supplement Insurance (AAMSI) 2022 Medigap Price Index; January 2022
In some markets men and women pay the same amount for coverage. In others, a 65-year-old female may actually pay less than a man. For example, a 65-year-old male in Dallas would pay roughly $10 more monthly for an identical policy.
Available Household Discounts Can Reduce Costs For Seniors
Medicare Supplement insurance companies have the option of offering discounts or adding additional charges. Policy fees range from $0 to $25 per-applicant according to the AAMSI analysis.
Of greater value is a Household Discount. This can reduce the cost significantly when both spouses have coverage. The policy analysis found that Household Discounts varied from zero percent to as high as 14 percent.
Comparing Medicare Supplement Plans
Comparing the various Medicare options can be a daunting task. While Medicare is a national program, available plan options can be extremely local. Comparing Medicare Advantage plan options with Medicare Supplement is generally recommended for most people who are joining Medicare for the first time.
Doing your own research can be time consuming and many report confusing. The American Association for Medicare Supplement Insurance makes available an online directory listing independent Medicare insurance agents by Zip Code. Access is free and private.
Allow yourself enough time to make an informed decision. Securing information from multiple sources can ensure you have the best health care coverage suited for your individual needs. It can also save you significantly for many years to come.
Original Medicare may only cover 80% of your medical expenses. Apply online with ease with Mutual of Omaha in 3 easy steps. Get a quote, choose a plan and apply.
Mutual of Omaha offers 2 unique options for Part F enrollees: a high-deductible plan and standard Plan F coverage. When you select the high-deductible plan, you’ll pay less per month for your coverage — but you’ll need to pay $2,490 toward Medicare-related costs (like coinsurance percentages and copays) before your plan begins providing coverage. This can be a great option for anyone who’s in good health but wants to add another layer of protection to their Medicare coverage for less than the cost of a standard Plan F policy.
- Quick application process
- Quick claims process
- Easy 3-step online application
- Can bundle Medicare add-ons to Medigap coverage
- Agents only available by phone
United Medicare Advisors works with insurance carriers to help you sift through the options and find policies on the market. When you work with this company, you can expect to receive personalized service and up-to-date information. Though you won’t find pricing information directly online, United Medicare Advisors’ relationship with multiple carriers means you’ll be able to compare prices for a Medicare Supplement plan that is tailored to fit your needs.
- Comparing Medicare Supplement quotes
- Saving money on policies
- Personalized service and guidance from licensed sales agents
- Licensed agents can help you review your options
- Does not provide direct online quotes
- No general pricing information on its website
CoverRight simplifies this process of finding the right Medicare or Medicare Supplement plan, also known as Medigap. They’re a consumer-first platform helping Medicare-eligible people pick the best plans.
After completing a simple online form or phone call, a dedicated agent will prepare personalized quotes that make sense for you, whether it’s a Medigap policy or a Medicare Advantage plan. CoverRight’s agents can help you determine which plan makes the most sense for your budget and health care needs.
CoverRight has extensive customer service hours. It provides independent advice, and working with CoverRight is free.
- Medicare-eligible people
- People who want assistance choosing the right plans
- Easy application process
- Assistance in finding the right insurance plan
- Help in finding an insurance plan that covers your doctors and medications
- Concierge-style service with your own dedicated agent
- Not available in every state
Shop for Medicare Advantage and Supplement plans and more with Aetna. Benefit from a wide provider network and easy access to your benefits as well as hefty membership perks.
They offer premium-free, high-deductible plans for those looking to keep their monthly costs low. They also offer a host of spousal discounts.
- Easy-to-understand coverage
- Affordable premiums
- Preventative care planner
- Easy access to tools and resources
- Wide network access
- Need a referral for certain procedures and specialists
- Premium-free plans not available everywhere
Maximizing your health benefits is easy when you purchase your policy through Cigna. When you enroll in any Medicare Supplemental insurance option with Cigna, you’ll have access to exclusive discounts — including savings on hearing aids, fitness club memberships and alternative medicine. You can even save up to 30% on weight and nutrition programs, which are commonly a cause for concern among seniors.
Easily shop and compare Medicare Advantage Plans, Part D Prescription Plans and Medicare Supplement Insurance. Cigna provides end-to-end assistance and provides plenty of member benefits at no extra cost.
Cigna’s plans also include access to the company’s Health Information Line. This feature allows you to connect with a health advocate who can provide you with answers to general health questions. The Health Information Line is available 24 hours a day and 7 days a week and is only staffed by men and women who have their nursing license.
- Easy access to benefits
- Home delivery for prescriptions
- Health management mobile apps
- Easy ID card replacement
- No-cost members perks
- Can have high deductibles
Humana is a trusted provider of Medicare Advantage and Medicare Supplement plans alike. Save both time and money by shopping online — get a 6% discount if you enroll online.*
*Offer not available to California, Connecticut and Ohio residents.
- Medicare Advantage and Supplement Plans
- Medicare Parts A + B and Medigap plans available
- 6% discount if you enroll online
- Shop plans by ZIP code
- Discount not available CA, CT and OH
While exploring options online might be convenient, sometimes a personal touch is needed to fully understand your options. EasyMedicare is an online Medigap comparison platform that provides you with both custom quotes and personalized assistance. You have the option to connect with a local representative and licensed agent who can help you explore your options.
EasyMedicare is a non-government resource you can use to learn more about your Medicare options with personal assistance.
In addition to providing you with free quotes from top Medicare providers, easyMedicare also allows you to connect with a live representative who can help answer your questions about enrolling in Medicare. If you don’t have time for a live chat, you can also explore Medicare options using the website’s comprehensive range of educational guides, resources and additional tools.
- Medicare education
- Highly rated on independent review site Trustpilot
- Allows you to speak with a live representative
- Extended customer service options
- Does not offer any individual Medicare Supplemental coverage options itself