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Who Should Shop Rates on Medicare Supplement Plans?

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Tags: Medicare, Medicare supplement, Medicare Supplement Plan F, Medicare supplement plans

Generally, everyone should shop and compare Medicare supplement plan costs when:

  • They first buy
  • Once a year (generally around your birthday as your price may go up then)

But the reality is that once we get insurance most of us have a tendency to buy it and forget it until we get a rate increase that shocks us into really looking at price.  Auto insurers are always trying to get us to shop but how many of us do?

New research on Medicare supplement plan rates shows that it is really smart for people in certain areas to shop and compare plans.  The Medicare Supplement Insurance Index shows the difference in rates on Plan F (maximum coverage plan) in the top 10 markets can vary widely.

Refresher:  Medicare supplement plans are standardized which means that the benefits for a specific plan letter – like Plan F –is the same no matter which insurance company you buy it from.  But the rate can vary widely among companiesand different locations.

There are not specific rates provided, but the tables below show you the range of prices.  The higher the percentage the more important that you shop and compare plans.  Lower percentage of difference between low and high indicates shopping may not save you a whole lot of money.

Just remember rate is just one (very important -but just one) aspect of finding the right plan.

Top 10 Markets - 2016 Medicare Supplement Insurance
Percentage Differences Between Lowest and Highest Costs

City/State

Male Age 65 Plan F

% Difference (Low to High)

Female age 65 Plan F

% Difference (Low to High)

Manhattan, NY

68%

68%

San Antonio, TX

53%

53%

Chicago, IL

47%

47%

Phoenix, AZ

43%

43%

Dallas, TX

38%

38%

Houston, TX

33

33%

Philadelphia, PA

29%

29%

San Jose, CA

22%

22%

San Diego, CA

16

16%

Los Angeles, CA

14%

14%

Source: American Association for Medicare Supplement Insurance, May, 2016

At Longevity Alliance we show our clients the rates available on Medicare Supplement plans in their area and recommend a plan that fits their preferences and their needs, including price of the plan and experience and financial rating of the insurance company. It is also important to shop and compare rates if you are moving to a new state.

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  • Medicare Coverage

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