Medicare Insurance Association Releases 2024 Medigap Plan N Price Index

LOS ANGELES - March 21, 2024 - PRLog -- A man turning 65 in Phoenix could pay as little as $99-per-month or as much as $415 for a Medicare Supplement Plan N policy according to the 2024 Medigap Plan N Price Index published by the American Association for Medicare Supplement Insurance.

"Medigap Plan N is the second most popular choice among seniors turning 65 and option for Medicare Supplement insurance coverage," says Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI). According to the latest data published by the advocacy organization, some 39.5 percent of turning-65 Medigap buyers selected a Plan N option. Plan G remains the most-common choice among seniors turning 65 who opt for Medicare along with a Medigap plan.

The organization's annual analysis revealed some significant information about Medigap Plan N pricing. The analysis looked at pricing for men and women turning age 65 in 10 top U.S. metropolitan areas. Among the findings were:

In virtually all markets rates increased compared to a year ago (2023).

The lowest reported rate ($81.50 monthly) is available for females in Dallas.

A female turning 65 could purchase coverage costing as much as $415 monthly.

Women at age 65 generally pay less for Plan N coverage than men.

Varying amounts of fees are charged and household discounts may be available.

"Seniors need to understand that each insurer decides what they want to charge for virtually identical coverage," Slome explains. The AAMSI study found that no single insurer always had the least expensive policy. "Likewise, no insurer was consistently the most expensive," Slome notes.

"When comparing Medigap plans in 2024, a senior can have anywhere from 3 to 20 different insurers offering Medigap Plan N coverage," Slome explains. "Getting information and comparison shopping is the only way to get the best information. The insurance agent you speak with may only represent one particular plan. Even if they can sell plans from multiple insurers, it's not likely they can represent all of them."

To access the 2024 Medigap Plan N Price Index, go to https://medicaresupp.org/best-costs-medigap-n-plans-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.