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What is the Average Cost of Medicare Supplemental Insurance?

The truth is it is tough to give one definitive figure as to the average cost of Medicare Supplemental insurance. First, many factors can cause supplemental insurance prices to vary from one customer to the next and from one state to the next. Second, the costs will possibly change on an annual basis, depending on the exact nature of the plan that you are securing. For these reasons, it is hard to define the average cost of Medicare supplemental insurance, without first doing a little research.

As you have read in our previous blogs, plan prices will vary depending on the specific plan you choose. As expected, more extensive plans cost more than basic supplemental insurance plans, so understanding your exact needs and matching these to the offers will help you in maximizing the value of the plan that you eventually select.

Typically, three pricing methods are used: age-rated, community-rated, and attained-age rated. Some plans may seem cheaper outright, but over time these may cause you to spend more. Conversely, other plans may seem expensive today, but over time the plan might eventually lead you to spend a lower total sum on your supplemental medical insurance.

In general, 2019 data shows that the average cost of Medical supplemental insurance for the most basic plans is around $152 per month, while the most expensive plans can go as high as $400 per month. Likewise, estimates put the annual pay increase to be 5 to 6%. This dictates the eventual total cost of the plan over the lifetime of the policy. Contact our agents, Alyssa Sinagra (Salisbury) 410-742-5111 and Cynthia Asche Hardin (Easton) 410-822-7300 today for free consultation. Plans available to clients in Maryland, Delaware, Virginia, and Florida.


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