The difference between the lowest cost and the most expensive Medicare Supplement insurance policy in Arizona's leading metropolitan areas can vary by as much as 186 percent according to the 2018 Cost Comparison by the American Association for Medicare Supplement Insurance (AAMSI), an industry trade organization.
"While Medicare Supplement insurance policies are standardized, each insurer offering policies in Arizona establishes their own price," explains Jesse Slome, director of the Association. "The difference between the lowest and the highest monthly cost can be significant."
For the analysis of Medigap costs, the Association compared rates for both men and women age 65 across major U.S. markets.
For four cities reported the difference was as much as 182.5 percent for a 65-year-old male purchasing a Plan F coverage," Slome shares. The difference for a comparable female was 186 percent. Medigap Plan F is the most popular option among seniors accounting for nearly 60 percent of all sales. The terms Medicare Supplement and Medigap are used interchangeably.
In the Arizona areas surveyed, the lowest cost for a 65-year-old female purchasing a Medigap Plan F policy was $124.17-per-month. The highest cost for Plan F was $403.79 for a male age 65 according to the analysis. Details of the 2018 cost comparison findings for Arizona Medicare Supplement costs for Phoenix, Tucson, Mesa and Scottsdale can be accessed via the organization's website.
"We don't necessarily recommend buying the least expensive Medigap policy," Slome admonished. "But we do recommend Arizona seniors learn about cost differences before locking into a policy or a particular insurance company."
The Association provides free access to a national Find A Local Medicare Insurance Agent online directory providing information on nearly 1,000 professionals listed by Zip Code. No information need be entered to access the director at the Association's website, www.MedicareSupp.org.
The American Association for Medicare Supplement Insurance advocates for the importance of planning and supports insurance professionals who market Medicare-related insurance products. The organization's website contains relevant research and information designed to help consumers make educated choices in their planning.