The average annual premium for the most popular type of Medigap insurance is around $2,000. However, these premiums can range from $500 to $10,000 for the same exact coverage. No joke! And sometimes you may find there are some very specific coverages and exclusions for Medigap policies. In general, the more coverage you have the higher the premium you pay, but as you can see, the plans vary as much as seasonal fashion trends, so compare coverage and costs carefully.For help comparing Medigap policies, call your State Health Insurance Assistance Program (SHIP), which provides free counseling and education about Medicare programs and services.
A Answers (2)
Michael Roizen, MD, Internal Medicine, answered
UnitedHealthcare answeredThe cost for a Medigap policy depends on which plan you purchase and the company from which you purchased it. In general, you can expect a higher premium if you receive more coverage. The premiums may increase over the life of the policy, too. Your Medigap premiums may also rise over time, after you’ve bought the policy. Some plans cover your Medicare deductible, while other plans carry a high deductible. Read the plan coverage information carefully to understand what it entails.