medicare insurance quotes

Medicare Supplement Quotes

It seems impossible to get a Medicare supplement quote or any type of insurance pricing online without filling out endless forms and ending up on some spam list.  Listed below are some general prices for Medicare gap plans to give you a starting point. Please be aware that these prices change almost monthly (depending on company) and may not be the most accurate.  

For the most accurate quote I would simply need a few moments of your time via phone.

How Supplement Pricing Works

Each company sets their own rates, and those rates must be approved by the State Department of Insurance prior to being imposed onto the client. It might seem strange that different companies selling the same exact plans would have different monthly costs (premiums), but they do.  Many variables are used to establish the rates such as:

  • Number of customers on the specific plan
  • Number of customers in each age band
  • Efficiency of the company (operating expenses)
  • Public or non-profit status of the company
  • Risk tollerace of the company 
  • Size and financial health of the company

These are just some of the variables used to determine the rates of each company, so don’t be surprised when you are quoted different premiums for the same exact supplement plan.

Gap Plan Quotes – What To Know

When getting a quote for supplement plans, just remember a few things:

  • Medicare insurance plans like this are called Supplement or Gap plans, these words are interchangeable
  • All plans are standardized…a Plan G is exactly the same Plan G no matter which company you buy from
  • Each company will quote you a different rate for the same plan
  • You always have a 30-Day “free look” period, where you can get a refund within 30 days of issue as long as you haven’t made any claims with the insurance company
  • Every supplement policy is a monthly contract, you can start and stop a plan anytime you want from month-to-month (unlike Drug Plans and Advantage Plans)
  • You cannot use a credit card to pay for your monthly premiums, however, an automatic bank draft is the safest way to ensure your payment is on time each month, or you can send in a monthly check
  • Unless you have a Special Election Period (SEP) or a Guaranteed Issue (GI) situation, your approval for the policy will be decided by looking at your health history through underwriting – you could be denied based on your health history
  • Your plan, no matter which company you select, can be used at any provider nationwide as long as that provider accepts Medicare as a form of payment
  • Your plan is simply there to help cover the costs of what Medicare does not cover, they do not dictact what type of services you can get or who you can see
  • There are no “networks” to worry about when you have a gap plan
  • There are no referrals required when you have a gap plan
  • Your rates will increase as you age-up or when the company decides to raise rates – however they can only raise rates on the entire age band and not just “pick on you”
  • Your first 6 months are typically rate-locked, where the insurance carrier cannot raise your rates 

If you’re retired or retiring soon, you may want to checkout how Medicare works with retirement plans.