Average Cost of Medicare Supplement Insurance by Age | Medigap 2022 | MedicareSupplement.com
Age is a factor that medicare supplemental insurance (medigap) companies may use when determining plan premiums. Your medigap premium is how much you pay each month to be a member of the plan.
medicare supplemental insurance premiums tend to increase with age. When comparing medigap quotes, it can be helpful to consider how your age might affect your medigap premium costs over time.
Reading: What is the average cost of medicare supplemental insurance
In this guide, we break down the average monthly premiums for medigap plans g and f by age, ages 65 to 85.
how much does the average medicare supplemental plan cost in 2022?
The table below shows the average cost of Medicare Supplement Insurance Plan G and Plan F by age.1
Based on our analysis, we note several key points:
medicare supplemental insurance plan f premiums in 2022 are lowest for beneficiaries at 65 years old ($184.93 per month ) and the highest for beneficiaries at >85 years old ($299.29 per month).
medigap plan g premiums in 2022 are lowest for beneficiaries 65 years old ($143.46 per month) and highest for beneficiaries 85 years old. strong> ($235.87 per month).
is medigap plan g better than plan f?
While there may be a significant difference in average premiums between Plan F and Plan G, there is only a small difference in the benefits offered by these two plans.
plan f provides coverage for each of the 9 possible benefits that the 10 standardized medigap plans can offer, including the medicare part b deductible.
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plan g does not cover the medicare part b deductible, but offers coverage for all of the same medicare out-of-pocket costs that medigap plan f covers.
medigap plan f and plan g are the two most popular medigap plans.2
In 2022, the Part B deductible is $233 per year.
$233 annual deductible equals about $19.00 per month.
This means that a Plan G with a premium of no more than $19.00 per month more than a Plan F option could actually serve as a better value, as long as you meet the full Part B deductible.
Important: Plan F is not available to new Medicare beneficiaries who became eligible for Medicare on or after January 1, 2020. If you already had Medicare before that date, you can still enroll in Plan F if the plan is available in your area.
Below, Medicare expert John Barkett talks more about this and other Medicare changes.
how does age affect medicare supplemental insurance premiums?
There are three different age-related pricing models that medicare supplemental insurance carriers use to determine rates for their medigap plans in 2022.
Each type of cost model can affect the average price of a given medigap plan.
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community-rated medigap planswith community-rated medigap plans, all plan members pay the same rate, regardless of age.
for example, an 82-year-old who enrolls in a community-qualified plan g will pay the same medigap premiums as a 68-year-old beneficiary who has the same plan g in the same marketplace.
age-rated medigap planswith age-rated medigap plans, premiums are based on your age at the time you joined the plan.
You’ll generally pay less for an age-rated plan if you join the plan when you’re younger. Your premiums also won’t increase based on your age.
Age Reached Rate Medigap PlansAge Reached Rate Medigap Plans set your premiums based on your current age. As you age, your medigap plan premiums will gradually increase each year.
Medigap premiums can increase over time due to inflation and other factors, regardless of the pricing model your insurance company uses.
compare medigap plan costs in your area
Please note that the premium averages listed above are just that: averages. There may be plans available in your area that cost less than the above average for your age.
Other factors like gender, smoking, health, and where you live can also affect medigap plan rates.
A licensed insurance agent can help you compare medicare supplemental insurance plan costs in your area so you can find a plan that fits your coverage needs and budget.