Medicare Supplement Plan G Pricing Disparities Across U.S. Cities
Los Angeles, CA, February 04, 2024 –(PR.com)– A recent study conducted by the American Association for Medicare Supplement Insurance revealed the significant discrepancies in pricing for Medicare Supplement Plan G policies for individuals turning 65 in various U.S. cities. According to the 2024 Medigap Price Index, a man reaching 65 in Dallas could pay as little as $118 monthly or as much as $257, while a man in Manhattan (NYC) could face monthly premiums ranging from $306 to $527.
The director of the American Association for Medicare Supplement Insurance, Jesse Slome, emphasized that despite the uniformity of Medigap Plan G policies, insurers vary greatly in the prices they charge for this coverage. Plan G emerges as the preferred choice among new 65-year-old Medicare beneficiaries seeking supplemental coverage.
Key Findings from the 2024 Medigap Price Index Analysis
- 17 markets showed lower rates in 2024 compared to the previous year, while rates in 23 markets were higher.
- The lowest reported monthly rate of $99.64 was observed for females in Phoenix.
- In New York City, both men and women could face premiums as high as $526.85 per month.
- Women aged 65 generally pay lower premiums for Plan G coverage compared to men.
- Households with two individuals may be eligible for discounts of up to 15%.
Insurers’ Pricing Disparities and the Importance of Comparison Shopping
Despite the prevalence of Plan G coverage, seniors often overlook the substantial variations in pricing among insurers. The study found that no single insurer consistently offered the most affordable or the most expensive Medigap Plan G policy. In 2024, seniors have access to a wide range of plan options and insurers, ranging from 4 to 20 choices. Jesse Slome emphasizes the importance of gathering information and engaging in comparison shopping to secure the best possible rates. While insurance agents may represent specific plans, they may not have access to all available options.
Accessing Information and Local Agents
To access the complete 2024 Medigap Price Index and locate local Medicare insurance agents based on Zip Code, visit https://medicaresupp.org/best-costs-medigap-2024/ and https://medicaresupp.org/find-local-agent/ respectively. The American Association for Medicare Supplement Insurance advocates for consumer awareness and supports insurance professionals specializing in Medicare solutions.
Contact Information:
American Association for Medicare Supplement Insurance
Jesse R. Slome
Phone: 818-597-3205
Website: https://www.medicaresupp.org
Categories: Finance