2024 Medicare Plan G Prices Vary Widely Based on Where You Live
As Americans age into Medicare eligibility, understanding the intricacies of Medicare supplement plans becomes crucial. Among these, Plan G stands out for its comprehensive coverage, second only to Plan F, which is no longer available to those newly eligible for Medicare. Plan G covers the Part A deductible and 20% coinsurance for Part B services, among other benefits, making it a sought-after option for seniors seeking peace of mind in their healthcare coverage.
Even though it is the same coverage being offered, the cost of Plan G varies significantly by location. The table below displays the lowest and highest monthly premiums for Plan G across ten major metropolitan areas as of February 1, 2024. It is always best to talk to a local Medicare licensed insurance agent near you when selecting your health insurance plan as a senior. This analysis reveals the stark differences in costs based on geography and gender at the age of 65 for non-tobacco users.
Geographic Variations in Plan G Prices
The following table provides a snapshot of the monthly premiums for Plan G, showcasing both the lowest and highest rates across various cities:
City |
Sex |
Lowest Monthly Premium |
Highest Monthly Premium |
|---|---|---|---|
| New York (Zip 10012) | Male | $306.00 | $526.85 |
| New York (Zip 10012) | Female | $306.00 | $526.85 |
| Los Angeles (Zip 90001) | Male | $154.96 | $258.48 |
| Los Angeles (Zip 90001) | Female | $154.96 | $258.48 |
| Chicago (Zip 60601) | Male | $114.17 | $270.76 |
| Chicago (Zip 60601) | Female | $116.30 | $235.04 |
| Washington DC (Zip 20005) | Male | $128.35 | $253.00 |
| Washington DC (Zip 20005) | Female | $111.16 | $220.00 |
| Houston (Zip 77001) | Male | $131.81 | $279.57 |
| Houston (Zip 77001) | Female | $116.67 | $254.11 |
| Dallas (Zip 75001) | Male | $117.88 | $256.66 |
| Dallas (Zip 75001) | Female | $104.34 | $223.18 |
| San Francisco (Zip 94105) | Male | $133.00 | $220.75 |
| San Francisco (Zip 94105) | Female | $133.00 | $220.75 |
| Philadelphia (Zip 19050) | Male | $134.77 | $270.82 |
| Philadelphia (Zip 19050) | Female | $119.30 | $245.04 |
| Phoenix (Zip 85033) | Male | $110.14 | $458.94 |
| Phoenix (Zip 85033) | Female | $99.64 | $406.51 |
| Atlanta (Zip 30313) | Male | $134.30 | $361.44 |
| Atlanta (Zip 30313) | Female | $118.90 | $320.73 |
Key Takeaways
- Geographic Disparity: Prices for Plan G vary widely from city to city. For instance, New York City and Los Angeles show significant differences in both the lowest and highest premiums.
- Gender Pricing: In some cities, premiums will differ between males and females, reflecting the insurance industry's risk assessment models.
Factors Influencing Medicare Supplement Plan G Pricing
Several factors contribute to these geographical differences in Plan G premiums, despite the fact that it is the same coverage being offered and that Medicare is a national program.
- Cost of Living and Healthcare Expenses: Areas with higher living and healthcare costs generally see higher premiums.
- State Regulations: State-specific insurance regulations can affect how premiums are set.
- Competition among Providers: Markets with more competition might offer lower premiums due to the competitive pressure on insurance providers.
Final Thoughts
Understanding the pricing landscape for Medicare Plan G is crucial for making an informed decision that aligns with your healthcare needs and financial situation. The table provided above reveals a complex picture, where location, gender, and other factors play significant roles in determining premiums.
As you consider your options for Medicare supplement insurance, keep these variations in mind. Consulting with a local Medicare advisor can also help navigate these choices, ensuring you find a plan that offers both the coverage and value you seek.
