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Lower Medicare Supplement Premiums in 2023

Lower Medigap Premiums in 2023
09/20/2022
  • Medicare with Melissa

While most costs continue to increase, we are expecting lower Medicare Supplement premiums in 2023.  Don’t get stuck paying more than you need to. Be sure to review your Medigap premium in 2023 and speak with a licensed agent at Senior HealthCare Solutions. Our team can compare over 25+ top-rated Medicare carriers in minutes.

How much do Medicare Supplement Plans Cost?

Cost can very for the price of Medicare Supplement Plans based on several factors. Such as;

  • Location
  • Age
  • Gender
  • Tobacco Use
  • Household/Multi-Policy Discounts
  • Pre-Existing Conditions and more.

Regarding monthly premium, Medicare Supplement Plans cost more than Medicare Advantage Plans. However, people that prefer Medicare Supplement Plans don’t mind the cost of the premium because they know they out of pocket cost is little to nothing, depending on the plan you choose.

Medicare Supplement Plans cost can be as low as $30/month and as high as over $300/month. When we looked specifically at the most popular Medicare Supplement Plans (Plan F, Plan G and Plan N), the average monthly premium was $155.

Remember, your premium could be less or more. This is why we recommend spending a few minutes with one of our licensed agents that can tell you exactly your Medicare Supplement Plan Cost will be.

How to lower Medicare Supplement Insurance Premiums

The best way to lower Medicare Supplement Insurance Premiums is to be aware of your cost and compare plans about every two years and make any necessary changes.

Medicare Supplement Premiums are generally locked in for 6-12 months after you enroll in the policy. And, in general, when you do receive your first premium increase, it’s tolerable and within market average.

Because of this trend is why we recommend every two years instead of every year.

Remember, Medicare Supplement Plans are standardized. This works to advantage of the consumer because companies are essentially bidding for your business with the lowest premium.

Example: The coverage with Medicare Supplement Plan G is the same regardless of the carrier offering the insurance. However, those same insurance companies can charge a different price than one another.

How to find the lowest cost Medicare Supplement Premiums

You can easily find the lowest cost Medicare Supplement premiums by speaking to a licensed broker that can compare multiple companies for you.

At Senior HealthCare Solutions, we do just that. Call us today at 866-MEDIGAP (866-633-4427) and one of our friendly agents will ask a few questions and provide you with several Medicare Supplement premiums in just minutes.

How much do Medicare Supplement Premiums increase each year?

In general, Medicare Supplement premiums increase an average of 7-12% every 12 months. Of course, there are many factors that could change your specific Medicare Supplement Premium increase.

For example, there are three rating categories that have an immediate impact on Medicare Supplement premium increases.

  1. Attained Age Rating
    • You will likely receive two rate increases per year. The first on your birthday and the second on your policy anniversary.
  2. Issue Age Rating
    • You should expect only one rate increase per year based on inflation and rising cost of health care. You should NOT receive an increase because you get older.
  3. Community Rating
    • Premium is not based on age. As you age, Medigap premiums will not increase because you get older, but could increase due to inflation, rising cost of healthcare, etc.

What is Medicare Supplement Plan F?

Medicare Supplement Plan F is secondary insurance and works with Original Medicare. Plan F was and to some, still is the best Medicare Supplement Plan. If you have a Plan F, you can expect to pay $0 out of pocket cost for all approved medical services at the doctor and hospital.

Due to new legislation (MACRA 2020), if you are new to Medicare on or after January 1, 2020, you are not eligible for Plan F. Instead, most now turn to Plan G as the best alternative.

You can view all services covered by clicking Medicare Supplement Plan F Benefit Chart

How much does Medicare Plan F cost?

Because it provides the most coverage, Medicare Plan F cost is the most expensive of all Medicare Supplement Plans. Depending on your age and where you live, you could pay more than your friend or family member.

For example, the average cost of Plan F for someone living in New York is $318 per month. Whereas the average cost of Medicare Plan F in Pennsylvania is $148 per month.

What is Plan G Medicare Supplement?

Plan G is a supplemental policy that coordinates benefits with Original Medicare. Medicare Supplement Plan G is the go-to alternative over Plan F. In fact, this plan is nearly identical in benefits to Plan F.

Supplement Plan G covers all Medicare approved services, except for the Medicare Part B deductible. To be clear, if you have a Plan G, the only out of pocket cost you will likely incur is the annual Part B deductible.

In most cases, the premium savings benefit the client to pay the Part B deductible themselves.

You can view all services covered by clicking Medicare Supplement Plan G Benefit Chart

How much does Medicare Supplement Plan G cost?

Medicare Supplement Plan G cost can be as low as 35% versus Plan F. The average savings on Plan G to Plan F is more like 20%

We’ve been recommending Plan G to our clients for years, long before Plan F was taken off the shelf due to the “bang for the buck”.

Depending on where you live, your age and other factors, you may be able to get a Plan G under $100 per month!

What is Plan N Medicare Supplement?

Plan N is a type of Medicare Supplement policy (Medigap Policy) that helps pay for costs left behind by Original Medicare. There is no network and no referral required for any Medicare Supplement Plan you choose, including Plan N.

Plan N will help cover your Medicare Part A deductible and coinsurance 100%. There are some costs that are required by the beneficiary to pay, including: Part B deductible, up to a $20 co-pay at a physicians office, a $50 co-pay for an ER visit and up to 15 in Part B excess charges (when applicable).

You can view all services covered by clicking Medicare Supplement Plan N Benefit Chart

How much does Plan N cost?

In comparison to Medicare Supplement Plan F and Plan G, you will find Plan N cost to be the most affordable of the three.

This is mostly since Plan N requires the policy holder to pay for some costs, as listed above.

In some cases, we see Supplement Plan N for as low as $70 per month.

How to Compare Medicare Supplement Premiums?

We make it simple to compare Medicare Supplement premiums in your area and offer three ways to do so:

  1. Call and speak with an agent today, 866-MEDIGAP (866-633-4427)
  2. Click here to Compare Medicare Supplement Premiums online, without the help of an agent
  3. Schedule an appointment at a time convenient for you

Because you read this article, you may enjoy watching these short videos:
About Medicare Supplement Plans
Plan F vs Plan G
Plan G vs Plan N
Medicare Supplement vs. Medicare Advantage

Meet Melissa MacCalla

Medicare is not simple and can be hard, frustrating, and downright confusing for most. I love when I get someone on the phone and I am given the opportunity to explain the difference in plans to them and have Medicare make sense. I enjoy talking to clients year after year, hearing about their families growing or them asking about mine.

-Melissa

Oh my gosh!! I was so confused about the Medicare Supplement process. I am turning 65 soon and am retired and have always had insurance thru my former employer. I didn’t know a thing about going on Medicare and was struggling to sort it all out.

A friend of mine recommended contacting Senior HealthCare Solutions, so I did. Melissa was FANTASTIC!! She was professional, responsive, caring and friendly. She explained the steps I needed to take, gathered my information, helped me choose good plans for MY specific needs and took care of my applications over the phone. 1-2-3, eesy-peesy and I was done!! And it didn’t cost me a DIME!!! WOW!!! I HIGHLY recommend Senior Healthcare Solutions for anyone who’s overwhelmed with making the right choices with Medicare Supplemental Insurance and Rx coverage. It’ll take a load off your mind!

Janice W.

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