What Is the Cost of Supplemental Health Insurance for Seniors?

The cost of supplemental health insurance for seniors depends on what you are looking for: supplemental health insurance plans designed for seniors or Medicare Supplement plans? Although they may seem similar at first glance, these plans are very different. Before we give you the cost of supplemental health insurance for seniors, let’s review the differences between these two plans.

Senior Supplements

Supplemental health insurance for seniors, which is sold by private health insurance companies, is an addition to existing healthcare coverage that’s designed specifically to meet seniors’ needs. Supplemental health insurance for seniors, which can be purchased at any time, includes coverage such as dental, vision, and hearing plans. It’s important to note that senior supplement plans are not Medicare plans.

Medicare Supplement Plans (Medigap)

Medicare Supplement plans, also known as Medigap, are designed to fill the coverage “gaps” in Original Medicare (Part A and Part B) benefitsbenefitsThe health care items or services covered under a health insurance plan. Read more »benefitsThe health care items or services covered under a health insurance plan.
Read more »benefitsThe health care items or services covered under a health insurance plan.
Read more ». Like Medicare’s “parts,” each plan offers different benefits and has adifferent premiumpremiumThe amount you pay for your health insurance every month.
Read more » amount. These plans cover healthcare expenses that Medicare doesn’t pay for such as coinsurance and deductiblesdeductiblesThe amount you pay for covered health care services before your insurance pays. Read more »deductiblesThe amount you pay for covered health care services before your insurance pays.
Read more »deductiblesThe amount you pay for covered health care services before your insurance pays.
Read more ». But, Medigap plans do not cover dental, visionvisionA health benefit that at least partially covers vision care, like eye exams and glasses.
Read more », or any other supplemental health insurance benefits.

What Is the Cost of Supplemental Health Insurance for Seniors?

The average cost of supplemental health insurance for seniors will depend on where you live, the health insurance company, type of plan, and benefit level you select. While these amounts will vary greatly, we can still give you an idea what you may spend. These average monthly premium price can range from $150 to $200.¹

How Much Do Supplemental Medicare Plans Cost?

The average cost of Medicare Supplement plans varies because health insurance companies have three ways that they price these plans:

• Community-rated: Premiums are not rated based on your age.
• Issue-age-rated: The monthly premium will be based on the age at which you purchased the policy.
• Attained-age-rated: Premiums will increase with age.

Prices vary between insurance companies and regions. But, as a general reference, below is the average monthly premium ranges for 2021 individual Medigap plans in Florida:²

Do You Really Need Medicare Supplemental Insurance?

Don’t just focus on the premium cost of a Supplemental Medicare plan. The least expensive plan may not offer all of the “gap” coverage you expect. Before deciding on a plan simply because of the average cost of supplemental Medicare insurance, make sure you are comparing the benefits each plan offers, too.

What Is the Best Supplemental Medicare Plan?

There’s no single supplemental health insurance plan for seniors that fits everyone. But there is most likely a plan that will fit your specific needs. HealthMarkets can make finding a plan easy. Get a quote for supplemental health insurance for seniors, at no cost to you. You can also call (844) 506-2142 to speak to a licensed insurance agent.