Medicare Supplement Plan G remains the most popular choice in 2023 among seniors turning age 65 and choosing Medigap coverage according to data released today by the American Association for Medicare Supplement Insurance (AAMSI).
According to the analysis, just over half (53.2%) of seniors who purchased Medigap coverage purchased a Plan G policy. Medigap Plan N was the second-most popular choice. Some 39.5% of purchasers selected a Plan N plan.
“What people choose when turning age 65 and become eligible for Medicare is a good barometer of what seniors want,” explains Jesse Slome, director of AAMSI, an advocacy organization.
Medicare Supplement, also commonly called Medigap, Plan G offers a balance between robust coverage and affordability. Slome explains. “With a very nominal deductible, it allows individuals to receive care from virtually any medical professional who accepts Medicare, anytime, anywhere,” he notes.
According to Slome, Medigap Plan N has been slowly increasing in popularity. “Plan N costs less to buy,” Slome notes. “It’s ideal for the individual who expects to have relatively infrequent medical appointments or health issues.” Access the full 2023 Turning 65 Medigap Buyer Study at https://medicaresupp.org/information/medigap/2023-medigap-turning-65/.
The Association recently published it’s 2024 Medigap Plan G Price Index. The annual analysis looked at pricing for men and women turning age 65 in 10 top U.S. metropolitan areas. “There can be significant differences in pricing for virtually identical Plan G policies,” Slome states.
According to the 2024 data, the lowest reported rate ($99.64 monthly) is available for females age 65 in Phoenix. In New York City, men and women, also age 65, could pay as much as $526.85-per-month. The study found that no single insurer always had the least expensive Medigap Plan G policy. “Likewise, no insurer was consistently the most expensive,” Slome shares.
To access the 2024 Medigap Price Index, go to https://medicaresupp.org/best-costs-medigap-2024/ . The organization makes available the leading online directory enabling seniors to find local Medicare insurance agents in their Zip Code. To use the directory, go to: https://medicaresupp.org/find-local-agent/ .
The American Association for Medicare Supplement Insurance https://www.medicaresupp.org advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions.
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