Choosing the right Medigap plan is about more than just picking a letter—it’s about making sure your coverage truly fits your needs and protects your peace of mind. Medigap currently helps reduce out-of-pocket expenses for about 12.5 million, or 42% of those with Original Medicare. While every plan with the same letter offers identical benefits, the premium you pay can vary widely depending on your state, the insurer, and how they set their pricing. For context, the average Medigap premium in 2023 was $217 per month, with Plan G averaging $164 per month, but where you live plays a big part in what you’ll actually pay.
It’s important to remember that switching Medigap plans can be difficult outside the six-month Open Enrollment Period, since medical underwriting may apply—unless you’re in one of the few states with different rules. Before settling on a plan, I always encourage clients to look beyond the initial premium and consider factors like the size of the insurer’s risk pool, their pricing method, and their loss ratios. These details help you anticipate long-term costs and avoid surprises down the road. My role is to guide you through this process in plain language, making sure you have the right protection in place—so you feel confident in your choices, both now and in the future.
Leave a Reply