The Iowa Medicare supplement insurance market still looks as if it offers great bargains, according to the American Association of Medicare Supplement Insurance.
AAMSI analyzes price trends in the Medicare supplement insurance, or "Medigap," market every year by searching for prices for comprehensive Medigap Plan G policies in the highest-income ZIP code in each state, for a woman who's turning 65.
This year, the monthly premiums for the least expensive Plan G policies available to that woman range from $78,65, in Iowa up to $278.25, in New York, with a median of $101.65, according to AAMSI.
Prices for the cheapest Plan G policies appear to be lower this year than in 2022: Last year, the monthly premiums for the least expensive Plan G policies in AAMSI's analysis ranged from a low of $78.10, in Iowa, up to $225.53, in Pennsylvania, with a median of $115.52.
What It Means
Many affluent retirees believe that using Medigap coverage to fill in "Original Medicare" plan gaps provides more flexible coverage than using a Medicare Advantage plan does.
The AAMSI analysis shows that the bills clients pay for what appear to be similar Medigap policies can vary widely from insurer to insurer, even within a single ZIP code.
Medigap Basics
The Original Medicare Plan A inpatient hospital care plan and the Plan B outpatient and physician services plan expose patients to many complicated deductibles, co-payment costs and coinsurance amounts. Medigap policies help patients pay out-of-pocket costs.
