How much does a Medicare Supplement Plan Cost In California?
How much does a Medicare supplement plan cost in California? Well, that depends upon a variety of factors. Generally, Medicare supplement plan monthly
premiums run slightly higher in California than they do in most other states. But there are other factors that have a far greater impact on price.
We will list the factors that impact the premium rates of Medicare supplement insurance. They are ordered from the most significant impact, to the least:
- Plan Type
- Age
- Company
- Tobacco Use
- Health Status
- Region
Good to know:
Discuss health plans options with your doctor. Go over your insurance company's list of covered prescription medications with your doctor. Some medicines will cost you more than others. If your doctor knows what's on your insurer's list, he can select the best medication for you at the lowest price. Also, if your plan requires you to get a referral to a specialist, take your insurance plan's preferred-provider list to your primary-care appointment. Your doctor can easily pick out the best specialist who participates in your plan.
Plan TypeThe most significant factor is the plan type that you choose. For example, the monthly premium of a plan type "G" is going to be somewhat higher than the monthly premium of a plan type "A". This is because each Medicare supplement plan type offers a different benefit structure. All supplement plans are designed to cover medical costs that are not covered by traditional Medicare. However, some plans pick up more medical costs than others. These benefit differences are reflected in monthly premium.
Age
With very few exceptions, the older you are, the higher your monthly premium.
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Company
In California, Medicare supplement monthly premiums vary wildly depending upon which insurance company you buy the plan from. The fact that plan benefits may be exactly the same, does not mean the monthly premium will be. While traditional Medicare is a government program, Medicare supplement plans are offered by private insurance companies. They get to set the pricing of the plans they offer.
Tobacco Use
Most insurance companies in California will charge a slightly higher monthly premium for Medicare supplement coverage if you smoke or chew tobacco.
Health Status
In some cases, if you are not enrolling within the open enrollment - guarantee issue time frame for Medicare supplement coverage, some companies in California will charge you a higher rate if you have specific medical issues. Please contact us if you have questions concerning this.
Gender
Unlike most states in the U.S., Medicare supplement insurance plan rates in California are not affected by gender. Regardless of your gender, the monthly premium rates are the same.
Region
The cost of your Medicare supplement plan can vary moderately dependent on where you live within the state. There are a multitude of factors that impact this variance of pricing within California. Such factors include: The regional costs of physician and hospital services, Fee schedule negotiated by the insurance companies for services. Fee schedule negotiated by the insurance companies for prescription drug pricing.
On Average For 2024
On average, in California, for a standard plan A, the average monthly premium for a 65 year old non-tobacco applicant would be: $89 - $172.
Good to know: Pick the right insurance policy. Take the time and put in the work necessary in order to select the right plan. In the state of Florida, for example, if you are shopping for a health insurance plan through the Affordable Care Act exchange, you will be offered around 100 plan variations to choose from. This doesn't even include all of the health plan options that are not on the exchange. So, regardless of where you live, you will likely find a confusing clutter of choices that you will need to sort through. In addition, you want a plan that includes your doctors and your medications, plus provides care for any chronic conditions. Information online can be incomplete or outdated, so call the doctors to make sure they're still participating in plans you're considering.
Other articles:
Explaining the Growth of HealthCare Sharing Plans.
3 Steps in Acquiring Medicare Supplement Insurance Coverage in California
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