What is the average cost of supplemental insurance for Medicare?
What is the average cost of supplemental insurance for Medicare? The average cost of supplemental insurance for Medicare can be as low as $50. However, your rates may vary when you get a Medicare supplemental insurance quote. In some cases, Medicare supplemental insurance rates are $300 or more. But you can secure cheaper supplemental insurance for Medicare when you shop around and compare the best companies.
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Written by
Chris Tepedino
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Reviewed by
Laura Walker
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UPDATED: Jun 28, 2022
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- Medicare supplemental insurance rates are $50 to $300 a month
- Your Medicare supplemental plan determines your monthly rates
- Medicare supplement insurance is also known as Medigap
Are you looking for affordable supplemental insurance for Medicare? Medicare supplement insurance or Medigap is health insurance coverage that ensures coverage in specific areas that Medicare won’t cover.
But what is the average cost of supplemental insurance for Medicare? Don’t worry – we’re here to help answer your frequently asked questions.
Read our guide to learn about the average cost of the best Medicare supplement plans, where you can buy the best Medicare supplemental insurance, and how to compare Medicare supplement plans.
After you learn about the average cost of supplemental insurance for Medicare, enter your ZIP code in the free comparison tool above to compare multiple companies near you.
Table of Contents
What is the average cost of supplemental insurance for Medicare?
On average, you could pay at least $50 a month for Medicare supplemental insurance. But some people pay $300 or more.
Several factors determine whether affordable Medicare supplement insurance is available to you. One of those factors is the plan type you have.
Check out the average monthly rates of the best Medigap plans:
| Medicare Supplement Insurance Plan | Monthly Rates |
|---|---|
| Plan A | $192 |
| Plan B | $141 |
| Plan C | $190 |
| Plan D | $157 |
| Plan F | $169 |
| Plan F with High Deductible | $57 |
| Plan G | $123 |
| Plan J* | $160 |
| Plan M | $219 |
| Plan N | $111 |
| All Plans | $152 |
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Only those already enrolled in Medigap can receive Plan J. Anyone who enrolls in Medicare supplement insurance after 2010 isn’t eligible for Plan J.
Plan F with high deductibles is the cheapest plan, but Medigap plans with high deductibles have more out-of-pocket expenses.
How can I get a Medicare supplement insurance discount?
Discount requirements vary for each Medigap company. However, good credit, optimal health, and long-term coverage are excellent factors that qualify for Medicare supplement deals.
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What are the best supplemental insurance companies for Medicare?
If you’re unsure where to look for Medigap coverage, start shopping with the best Medicare supplemental insurance companies.
Take a look at the top 10 Medicare supplement insurance companies:
| National Rank | Top Medicare Supplement Insurance Companies | Direct Premiums Earned | Market Share |
|---|---|---|---|
| 1st | UnitedHealthcare Ins Co | $2.87 billion | 16.00% |
| 2nd | Health Care Serv Corp A Mut Legal Re | $1.39 billion | 8.00% |
| 3rd | United of Omaha Life Ins Co | $796.4 million | 4.00% |
| 4th | Mutual of Omaha Ins Co | $613.4 million | 3.00% |
| 5th | Omaha Ins Co | $431.8 million | 2.00% |
| 6th | Blue Cross Blue Shield of Florida (BCBS of FL) | $391.5 million | 2.00% |
| 7th | Blue Cross Blue Shield of Massachusetts (BCBS of MA) | $379 million | 2.00% |
| 8th | Colonial Penn Life Ins Co | $370 million | 2.00% |
| 9th | Wellmark Inc | $354.9 million | 2.00% |
| 10th | Continental Life Ins Co Brentwood | $353.9 million | 2.00% |
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The National Association of Insurance Commissioners (NAIC) reported that the UnitedHealthcare Insurance Company is the top-ranked Medigap company.
UnitedHealthcare Ins Co earns the most direct premiums than most Medigap companies in the United States.
BCBS is one of the best Medicare supplement insurance companies in the nation. However, only BCBS of Florida and Massachusetts made the top ten list.
Which factors affect Medicare supplemental insurance policies?
Before you apply for supplemental insurance for Medicare, you’ll need to know what personal characteristics impact your quotes. Let’s examine those factors:
- Medicare supplemental insurance company
- Your Medigap plan
- Where you live
- Your age
- Gender of the policyholder
- Overall health
- Eligible Discounts
When all of these factors are taken into consideration, you’ll get an accurate Medigap quote.
Why stop at one company? Instead, compare the best insurance companies to secure the policy and affordable rates.
What’s the difference between Medicare and Medigap?
Medicare is a federally funded government program that provides health insurance to seniors who are 65 and older.
Medicare also provides coverage for people with specific disabilities.
Meanwhile, Medigap provides coverage where Medicare won’t cover. In addition, different plans come with various benefits.
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Which Medicare supplement insurance plans are available?
It depends on the company, but Medicare accepts 12 various plans as Medigap coverage. These plans include:
- Plan A
- Plan B
- Plan C
- Plan D
- Plan F
- Plan F (High Deductible)
- Plan G
- Plan G (High Deductible)
- Plan K
- Plan L
- Plan M
- Plan N
At this time, Plan J is discontinued. However, if you enrolled in Medicare before 2010, you may have Plan J.
Are Medicare supplemental insurance plans worth it?
The answer is yes. Medicare may not cover specific parts of healthcare costs. However, a Medigap plan can prevent out-of-pocket costs you weren’t expecting.
Can I buy a Medicare supplemental insurance plan at any time?
Yes, you can. But the best time to register for Medigap plans is during open enrollment. This is because you can set your Medicare supplement plans much easier during open enrollment.
How to Reduce the Average Cost Of Supplemental Insurance For Medicare
Supplemental insurance for Medicare is essential for coverage that standard Medicare doesn’t cover.
It adds more to your monthly health insurance budget, but it’s better than out-of-pocket costs.
Since Medicare is typically for seniors and people with disabilities, we recommend shopping around for Medigap coverage.
Now that you know more about the average cost of supplemental insurance for Medicare, use our free online quote tool to compare multiple insurance companies in your area.