“How much does Medicare Supplement insurance cost?” is not a question that can be easily answered…
There are many factors that go into being able to answer this question. Most importantly, it is best answered on an individual basis.
The primary factors that go into answering this question are an individuals age, coverage choice, gender, residence and tobacco usage:
- Age – most Medicare Supplement policies are based upon your age. Younger individuals will generally pay a lower premium than older individuals. Also, most companies will raise the premium as you age.
- Coverage Choice – there are of course different Medicare Supplement plans to choose from. Medicare Supplement plans are all “Standardized”, meaning insurance company’s can only sell standardized plans with each plan being represented by a letter (for example – Plan A , C, F, G etc..). There are differences between these plans and these differences largely determine the premium charged.
- Gender – most companies charge a higher premium for male’s than they do for females.
- Residence – Medicare Supplement insurance premiums can vary according to where you live.
- Tobacco – most companies will charge a higher premium for tobacco usage.
An important factor to keep in mind is the fact that different companies do charge different premiums for the exact same coverage.
For example: a Plan F with one company is the exact same coverage as a Plan F with another company however there can be quite a discrepancy between what these different companies will charge you for that same Plan F.
It is important to shop around or better yet work with a knowledgeable and helpful independent agency like Reed & Associates that will explain your options and shop around for you!
Botom line: Having explained what I have above, if I were forced to answer this question, I would say that an individual that is age 65 can be well covered on a Medicare Supplement insurance plan in Oregon for between $80 and $135 per month.
Please let me know if we can help.
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