Seniors Face Choosing From 20 Different Medicare Supplement Insurance Companies
"So much choice is wonderful but for many it is overwhelming," declares Jesse Slome, executive director of the American Association for Medicare Supplement Insurance (AAMSI) a national organization. "Selecting the Medicare option that best suits your needs can be formidable. Available plans and costs can vary from one Zip Code to the next."
The Association released findings of a study examining the number of Medicare Supplement insurance companies offering Plan G policies in major metropolitan areas. Medicare Supplement insurance is commonly referred to as Medigap coverage. According to AAMSI, Medigap Plan G is the most popular choice among individuals turning 65 who are first eligible for Medicare.
The fewest options were available in Manhattan, New York where only five insurance companies offered plans. "In some cities like Atlanta, Chicago, Houston, Philadelphia and Phoenix, consumers had plans available from 20 or more different insurers," Slome explained. "The average for most cities was 20 insurance companies to choose from."
Medigap policy provisions tend to be uniform as mandated by government regulations. "Pricing is another matter," Slome points out. The Association's 2021 Medicare Supplement insurance Price Index revealed significant pricing differences for Medigap Plan G offerings. "For example, a male turning 65 in Chicago could pay as little as $127-monthly or as much as $257 depending on which insurance company they pick," he notes.
The Association posted their 2021 Medicare Supplement Price Index findings online at https://medicaresupp.org/2021-medicare-insurance-prices/.
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The American Association for Medicare Supplement Insurance is a national organization. To help consumers seeking independent information and resources, the Association offers an online directory listing local Medicare insurance agents. The resource is free to use and completely private access for consumers to use. For more information visit the organization’s website at https://www.medicaresupp.org.
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