Ohio seniors benefit from some of the lowest costs for Medicare insurance options. Policy rates can vary as can available discounts according to an analysis by the American Association for Medicare Supplement Insurance (AAMSI). The report shares information for Columbus, Cleveland and Cincinnati, the three largest metro areas.
"Ohio seniors turning 65 can benefit from some of the lowest Medigap costs in the nation," shares Jesse Slome, director of the Association. "The lowest rate we found was $82.63 a year for a Cleveland female which compares to the lowest rate for a New York City woman who'd pay $190 for basically the same plan," he notes. "Ohio seniors need to know that rates between the different insurance carriers can still vary significantly."
The 2020 survey reports the lowest and highest rates available in major Ohio metro areas. "Consumers are not aware of the importance of comparing before signing on the dotted line," Slome notes. "You might be making a decision that you can't easily change down the road."
The analysis of 2020 Medigap pricing examined rates for a 65-year-old purchasing Plan G. According to the American Association for Medicare Supplement Insurance this is the most common Medigap choice for those turning 65 who opt for supplemental Medicare insurance coverage.
"The individual insurance companies each set their pricing," Slome notes. "A smart consumer looks at price as well as discounts available, and the company's history of rate increases."
Ohio Medigap Plan G 2020 Price Index Findings
COLUMBUS (Zip 43221)
FEMALE age 65, Plan G
Lowest monthly premium: $82.63
Highest monthly premium: $343.48
MALE age 65, Plan G
Lowest monthly premium: $93.31
Highest monthly premium: $387.42
CLEVELAND (Zip 44130)
FEMALE age 65, Plan G
Lowest monthly premium: $82.63
Highest monthly premium: $343.48
MALE age 65, Plan G
Lowest monthly premium: $93.31
Highest monthly premium: $387.42
CINCINNATI (Zip 45238)
FEMALE age 65, Plan G
Lowest monthly premium: $82.63
Highest monthly premium: $343.48
MALE age 65, Plan G
Lowest monthly premium: $93.31
Highest monthly premium: $387.42
The Association posts suggesting for consumers along with information on the 2020 Medicare Supplement Plan G Price Index findings on their website. Household discounts may be available for Ohio seniors buying Medigap insurance. "The percentage savings can vary from five percent to as much as 14 percent for Ohio applicants," Slome shares.
In addition, the Association provides an online directory to find Ohio Medicare insurance agents. "The Zip Code based directory is free to use and completely private," Slome adds.
Headquartered in Los Angeles, the American Association for Medicare Supplement Insurance (AAMSI) is an advocacy and informational organization. AAMSI supports insurance professionals who market Medicare Supplement insurance.
Jesse Slome is director of the American Association for Critical Illness Insurance. He also directs the American Association for Long-Term Care Insurance. Visit their website to get long-term care insurance quotes. To find local Medicare insurance agents visit the American Association for Medicare Supplement website.