What Is the Average Medicare Supplement Premium for Seniors?

The average Medicare supplement premium for seniors can vary widely depending on several factors, including age, health status, and location. In 2022, the average premium for a Plan F supplement was around $2,000 per year.

Medicare supplement premiums have been increasing over the years due to various factors, including inflation and changes in healthcare costs. This trend is expected to continue in the coming years.

Seniors should consider their individual circumstances and financial situation when choosing a Medicare supplement plan. This will help them make an informed decision that suits their needs and budget.

According to a recent survey, 70% of seniors who purchased a Medicare supplement plan in 2022 chose Plan F or Plan G, which are two of the most popular plans.

Medicare Supplement plans, also known as Medigap, help fill the gaps in Original Medicare coverage. You can choose from 10 standardized plans, labeled A to N, excluding E, H, I, and J. These plans offer different levels of coverage, with some covering all Part B coinsurance or copayments, while others cover 50% or 75%.

Private insurers decide the price of a Medigap plan, and the monthly premium is the only factor that differs between policies with the same letter. For example, Medigap Plan M offers the same benefits and coverage regardless of which company sells it, but one insurer may sell it for $100 more monthly.

You can expect to pay a monthly premium for Part B, Medigap, and Part D. The average monthly premium cost of a Medicare Supplement plan can range from $50 to over $300. Tobacco use, health issues, gender, location, and age can influence costs.

For your interest: Medicare Part C vs Medigap

Medicare Supplement Insurance, also known as Medigap, is a type of insurance that helps fill the gaps in Original Medicare coverage.

Private insurers decide the price of a Medigap plan, and the monthly premium is the only factor that will differ between policies with the same letter. For example, Medigap Plan M offers the same benefits and coverage regardless of which company sells it, but one insurer may sell it for $100 more monthly.

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Some private insurers offer discounts for certain groups of people, including women, non-smokers, married individuals, those who choose to pay annually instead of monthly, individuals who pay via electronic fund transfer, and individuals with multiple policies.

Medicare Supplement Insurance plans are standardized, meaning they offer the same benefits and coverage, regardless of the insurer selling it. However, the cost can vary between insurers.

Medicare Supplement Insurance plans can be categorized into several types, including high deductible options. These plans include Plan F, Plan G, and Plan J, if purchased before January 1, 2006, with a deductible of $2,870.

In addition to the monthly Medigap premium, individuals must pay a monthly Medicare Part B premium, which in 2025 costs $185.

A guaranteed issue right means an insurance provider must sell a person a specific plan, include coverage for preexisting conditions, and not charge more. People have a guaranteed issue right in certain situations, such as a previous plan leaving Medicare, an insurer going bankrupt, or an insured individual moving out of a plan’s coverage area.

Medicare Supplement Insurance plans can be rated in different ways, including no-age-rated, issue-age-rated, and attained-age-rated. The no-age-rated option means every individual in a specific area pays the same premium without considering their age.

Explore further: Medicare Supplement Plan G Deductible 2024

Here are some key differences in age rating options:

Medigap plans can help pay for out-of-pocket costs that Original Medicare doesn't cover.

Medigap plans are lettered A to N, excluding E, H, I, and J, so you'll need to choose from these options.

A Medigap plan may cover part of some services not included in Original Medicare, such as overseas emergencies.

The same type of Medigap plan must offer the same benefits across insurers, but the plans offer different levels of coverage.

Some Medigap plans cover all the Part B coinsurance or copayment, while others cover 50% or 75%.

Medigap plans with an out-of-pocket limit will pay all costs above that limit.

You'll need to research and compare different Medigap plans to find the one that best fits your needs and budget.

For your interest: Fehb and Medicare Part D

The average monthly cost for a Medicare Supplement plan is around $139, though average costs for individual plans vary.

Medicare Supplement plans are sold by private insurance companies, so prices can differ greatly. Costs that you pay with any Medigap plan include the monthly Medigap plan premium, Medicare Parts A and B premiums if required, and Medicare deductibles, copayments, and coinsurance if not covered by the Medigap plan.

The average cost of Medicare Supplement Plan G in 2023 is lowest for beneficiaries at age 66 ($128.44 per month) and highest at age 85 ($215.37 per month).

Plan F premiums in 2023 are lowest for beneficiaries at age 66 ($153.29 per month) and highest for beneficiaries at age 84 ($257.57 per month).

Here's a breakdown of the average costs for different Medigap plans by age:

Premiums can also vary depending on your location, gender, smoking status, health, and other factors.

To get the best price and easiest enrollment experience, sign up for a Medigap plan during your Medigap open enrollment period, which starts once you're 65 and enrolled in Medicare Part B, and lasts for six months.

Medigap policies are cheapest and easiest to get during this open enrollment period because insurance companies aren't allowed to factor your health or medical history into your price.

Worth a look: Average Price

Choosing a Medicare Supplement plan can be a daunting task, but understanding the basics can help you make an informed decision. The first step is to determine how much Medicare Supplement coverage you need, which depends on your individual healthcare needs.

The monthly Medicare Supplement premium is a significant factor to consider, as it can vary depending on the insurer and the plan you choose. For example, Medigap Plan M offers the same benefits and coverage regardless of the company selling it, but one insurer may charge $100 more per month than another.

To compare Medicare Supplement plans, it's essential to consider the waiting period before coverage begins, as well as the out-of-pocket costs associated with each plan. Some plans may have a waiting period for preexisting conditions, while others may have higher out-of-pocket costs.

You should also discuss the plan premium with the insurer upfront, as this can make a significant difference in your monthly costs. Medicare provides a valuable search tool for comparing the costs of local plans, which can help you identify the best option for your needs.

Here are some key factors to consider when choosing a Medicare Supplement plan:

A guaranteed issue right means an insurance provider must sell you a specific plan, include coverage for preexisting conditions, and not charge more. This can be a valuable protection if you're applying for a plan outside of the Medigap open enrollment period.

The timing of enrollment can also make a crucial difference in your level of coverage and monthly cost. The Medigap open enrollment period starts when you have Medicare Part A and Part B and turn 65 years old, and lasts for 6 months. During this time, you can enroll in a Medigap plan without being subject to medical underwriting or preexisting condition exclusions.

It's also essential to consider the insurance provider's approach to age, as this can affect how your premium increases over time. Some plans may be no-age-rated, while others may be issue-age-rated or attained-age-rated.

Medicare Supplement premiums can vary depending on several factors, including your age, health status, and the insurance company you choose.

The average monthly cost for a Medicare Supplement plan is around $139, although costs can range from $50 to over $300.

Premiums for Medigap plans can also be influenced by your location, with some areas having higher or lower costs than others.

Here are some estimated monthly premium price ranges for different Medigap plan types available to a 65-year-old female nonsmoker in Atlanta:

Keep in mind that these are just estimates, and actual costs may vary depending on the insurance company and your individual circumstances.

Medigap premiums can vary significantly depending on several factors, including your age, health status, and the insurance company you choose. The average monthly cost for a Medicare Supplement plan is $139.

You'll also need to pay Medicare Parts A and B premiums if required, as well as Medicare deductibles, copayments, and coinsurance if not covered by the Medigap plan. These costs can add up quickly.

The average cost of Medigap Plan G in 2023 is lowest for beneficiaries at age 66 ($128.44 per month) and highest at age 85 ($215.37 per month). This highlights the importance of shopping around for the best rates.

Community-rated Medigap plans charge the same rate to all members, regardless of age, while issue-age-rated plans charge premiums based on your age at the time you enrolled in the plan. Attained-age-rated plans, on the other hand, set premiums based on your current age.

Here's a rough estimate of the price ranges for each Medigap plan type available to a 65-year-old female nonsmoker in Atlanta:

Keep in mind that these prices are only averages, and actual costs may vary depending on your individual circumstances.

Medicare's out-of-pocket expenses can be quite steep, with some beneficiaries paying thousands of dollars per year. Costs include Medicare deductibles, copayments, and coinsurance if not covered by a Medigap plan.

To give you a better idea, here are some specific costs to keep in mind:

These additional costs can vary depending on the type of Medigap plan you choose, so it's essential to factor them into your budget.