Medigap mOnkey

What Is the Cost of Supplemental Health Insurance for Seniors?

Dec 2, 2019

Are you new to Medicare? Trying to figure out the cost of supplemental health insurance for seniors? Look no further! Medigap mOnKey has the information you need, whether it’s for supplemental health insurance or Medigap.

Cost of a Medicare Supplement Plan..

The answer really depends on what you are looking for: supplemental health insurance plans designed for seniors or Medicare supplement plans. Although they are often confused because of their similar terminology, they are very different. So before we give you the cost of supplemental health insurance for seniors, let’s review the differences between these two lines of products.

Senior Supplements

Senior supplements are supplemental health insurance plans designed specifically to meet seniors’ needs. Supplemental health insurance includes products like dental, vision, and life insurance. These plans are sold by private health insurance companies and are not Medicare. They can be purchased at any time, though there are age restrictions to certain products (like life insurance).

Medicare Supplement Plans (Medigap)

Medicare supplement plans are related to Medicare. Like Medicare parts, each Medicare Supplement plan letter offers different benefits and has a different premium amount. They are designed to fill the “coverage gaps” in Original Medicare benefits (hence the name Medigap). Medicare will cover as a general rule 80% of your healthcare costs. They will cover healthcare expenses otherwise left out of Original Medicare coverage, like coinsurance and deductibles. However, Medigap plans do not include dental, vision, or any other supplemental health insurance benefits.

Now that everything’s all cleared up, we can get to the costs.

What Is the Cost of Supplemental Health Insurance?

The average cost of supplemental health insurance for seniors will depend on the health insurance company, type of plan, and benefit level you select. While these amounts will vary greatly, we can still give you an idea what you may spend. Let’s look at the costs of some common supplemental health insurance plans seniors can purchase: Supplemental Health Insurance Product Lowest Monthly Premium¹Highest Monthly Premium¹ Dental $21 $43 Vision$10
(for one beneficiary)$18
(for two beneficiaries) Fixed Indemnity. $106.03 $256.66

What Is the Cost of Medicare Supplement Insurance?

The average cost of Medigap insurance may be more complicated to find. This is because health insurance companies have three ways that they price Medigap plans: community-rated, issue-age-rated, and attained-age-rated.

• Community-rated—premiums are not rated based on your age
• Issue-age-rated—the age when you purchase the policy will dictate the monthly premium
• Attained-age-rated—premiums will increase with age

While prices vary greatly between insurance companies, below are the average monthly premiums for each Medigap plan:Medigap PlanAverage Monthly Premium⁴

A $421

B $481.

C $347

D $303

F $346 F (High Deductible) $67

G $301

K $129

L $249

M $389

N $219.

Medigap mOnKey will turn your Medicare confusion to excitement. Our main goal is information. The information WE provide helps you decide