The American Association for Medicare Supplement Insurance just completed its 2020 Medigap Cost Comparison for those turning 65, and it reveals an important finding that has real significance for insurance agents marketing Med Supps.
“With Medigap Plan F no longer available for new enrollees, we compared Plan G that we expect will become 2020’s No. 1-selling option,” says AAMSI Director Jesse Slome.
Here’s what they found: A 65-year-old man in Manhattan buying Medicare Supplement insurance (Plan G) could pay as little as $268 a month or as much as $476 a month. A 65-year-old woman shopping for Medigap Plan G in Dallas could find coverage for $99 or $381 (monthly).
The Association’s 2020 Price Comparison examined costs for Medicare Plan G costs for Top 10 U.S. Metro Areas. The chart shows the increase in costs for both men and women who will be first applying at age 65. No one Medicare insurance company was consistently the lowest cost for Plan G. No one company was the highest. In fact, for the 20 Zip Codes, the survey found 13 different Medicare insurance companies had either the lowest or the highest prices.
- Click the link to see the Top 10 Cities: https://www.medicaresupp.org/medigap-plan-g-costs-2020/.
“The message I would share with agents marketing Medicare insurance coverage today is the following: more than ever you are competing with huge entities spending hundreds of millions on television advertisements. The one thing that can set you apart is positioning yourself as a local educator and consumer advocate able to help an individual compare the various options and get the best coverage for the best price,” Slome says.
“Saving money is what consumers want. If they knew the significant difference between the lowest available price and the highest, they would seek out someone who can help them peek behind the Medicare pricing curtain.”
Slome says he’s proud that consumer usage of the Association’s online directory of agents keeps growing, with roughly 1,000 agents currently listed.
He points out that it’s the only, independent online directory where consumers can specifically find local Medicare insurance agents, and adds that consumers like the fact that it’s free and 100% private.
Slome says he invites agents to check out the valuable consumer resource at this link and enter your own Zip Code to see what happens: https://www.medicaresupp.org/find-local-agent/