Compare 2023 Medicare Supplement (Medigap) Rates Online

• by Christian Worstell
• August 7, 2023
• Reviewed by John Krahnert

The average rate for Medicare Supplement Insurance (Medigap) Plan F in 2022 was $188 per month.¹ So what does this mean for Medicare beneficiaries who are interested in finding a Medigap plan?

While Medigap plan benefits are standardized in most states (which means that – for example – Medicare Plan F in North Carolina offers the same benefits as Plan F in Florida), Medigap plan premium rates can vary depending on the insurance company.

Learn how Medicare Supplement Insurance rates are determined in 2023, and request a free, no-obligation plan comparison online to find the right plan for your budget.

How much will Medicare Supplement Insurance cost in my state?

Because Medicare Supplement Insurance plans are sold by private insurance companies, plan rates will vary from one market to the next.

In 2022, the average monthly premium rate of Medigap Plan G in New York was $144 per month. In the same year, the average monthly cost of Medigap Plan G in Iowa was only $120.¹

The difference in Medigap rates from one state to another can vary widely, similar to how the cost of a gallon of gas can differ greatly from one state to another.

Medigap rates can vary based on carrier

Original Medicare (Part A and Part B) premiums are standardized by the federal government. Private insurance companies that offer Medicare Supplement Insurance plans, however, are free to set their own rates.

How a carrier rates (prices) its plans, inflation and other factors can cause premiums to change over time.

Certain Medigap plans that offer more benefits may cost more

Each type of Medicare Supplement Insurance plan offers a different combination of benefits standardized by the federal government. This means that rates may vary depending on the Medigap plan type.

Generally speaking, plans that offer more standardized benefits may cost more than plans with fewer benefits.

The chart below can help you compare Medigap plans in 2023. (Note: Medigap plans are standardized differently in Massachusetts, Minnesota and Wisconsin.)

Medical underwriting could affect your Medigap plan rates

If you apply for a Medicare Supplement Insurance plan after your six-month Medigap Open Enrollment Period (OEP), you may be subject to medical underwriting.

• Your Medigap Open Enrollment Period starts as soon as you are at least 65 years old and enrolled in Medicare Part B.
  
  
• During the six months of your Medigap OEP, insurance companies cannot deny you a Medigap plan or charge you higher plan premiums based on your health.

But outside of your Medigap OEP, an insurance company reserves the right to determine your Medigap rates based on your health — unless you qualify for a guaranteed issue right.

Beneficiaries with certain health conditions might face higher rates because they are deemed to be riskier to insure, or they may be denied a Medigap plan altogether.

Insurance companies use different pricing structures to determine rates

There are three different pricing models that insurance companies can use to determine how your Medicare Supplement Insurance plan rates may increase in the future.

Each type of pricing system can produce a different rate for current and incoming plan members.

• Community-rated plans charge the same rate for every plan member, regardless of age. For example, a 75-year-old Medigap beneficiary with a community-rated plan will pay the same rate as a 65-year-old beneficiary with the same plan.
  
  
• Issue-age-rated plans have rates based on the age at which you purchased the plan. Your premium rate will be fixed and it won’t change as you age. While your initial Medigap rate could be higher than a community-rated plan, it could potentially cost less in the long term.
  
  
• Attained-age-rated plans have rates that increase as you age. As you get older, your Medigap rate will gradually go up.

Some insurance companies may offer Medigap plan discounts for women, non-smokers, married couples, those who pay their premium for the entire year and more.

Be sure to ask your plan provider if they offer any discounts before you sign up for a Medigap plan.

Medigap premiums may increase over time due to other factors, such as inflation.

Compare Medicare Supplement rates in your area

A licensed insurance agent can help you compare the Medicare Supplement Insurance plans that are available where you live, including the plan rates.

About the author

Christian Worstell is a senior Medicare and health insurance writer with MedicareAdvantage.com. He is also a licensed health insurance agent. Christian is well-known in the insurance industry for the thousands of educational articles he’s written, helping Americans better understand their health insurance and Medicare coverage.

Christian’s work as a Medicare expert has appeared in several top-tier and trade news outlets including Forbes, MarketWatch, WebMD and Yahoo! Finance.

Christian has written hundreds of articles for MedicareAvantage.com that teach Medicare beneficiaries the best practices for navigating Medicare. His articles are read by thousands of older Americans each month. By better understanding their health care coverage, readers may hopefully learn how to limit their out-of-pocket Medicare spending and access quality medical care.

Christian’s passion for his role stems from his desire to make a difference in the senior community. He strongly believes that the more beneficiaries know about their Medicare coverage, the better their overall health and wellness is as a result.

A current resident of Raleigh, Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism.

If you’re a member of the media looking to connect with Christian, please don’t hesitate to email our public relations team at Mike@tzhealthmedia.com.

 

 

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