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How Much Does A Medicare Supplement Plan Cost In Tennessee?


How much does a Medicare supplement plan cost in Tennessee?  Well, that depends upon a variety of factors.  Generally, Medicare supplement plan monthly premiums tend to run slightly higher in Tennessee than they do in other nearby states.  But there are other factors that have a far greater impact on price.

Keep in mind that when searching for the ideal Medicare supplement plan, cost is a significant factor, is should not be the only factor you should consider.  The most important factor should always be the overall quality of the plan you choose.  This includes the benefits of the plan itself, as well as the company that is behind the plan.  Once you are satisfied with the aforementioned qualities of the plan, only then should you consider price.

Good to know:  Ask whether tests, prescriptions or procedures are really necessary.  The latest drugs aren't always better than older, cheaper drugs - just more expensive.  If you tell the doctor you're paying cash, he/she may suggest you wait to see if the condition resolves before ordering an expensive test.  Instead of paying for 20 sessions of physical therapy, pay for one and learn exercises to do at home.
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
  • Gender

Plan Type
The most significant factor is the plan type that you choose.  For example, the monthly premium of a plan type "F" will likely be consistently higher than the monthly premium of a plan type "K" - no matter which insurance carrier you decide upon.  This is because each Medicare supplement plan type designates a unique plan 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.

Good to know:  Understand your budget.  The average consumer spends around 5% of their annual income on health insurance premiums.  Keep in mind, this doesn't take into account other expenses, such as deductibles or out of pocket costs.  If the health care plan you are considering is priced significantly higher than 5% of your income, unless you're expecting an income increase in the very near future, you should consider choosing another plan.


Baptist Memorial Hospital Memphis - Medicare supplement insurance
Baptist Memorial Hospital Memphis
6019 Walnut Grove Rd
Memphis, TN 38120
Telephone: (901) 226-5000
Plus Code: 44HR+G6 Memphis, Tennessee

Website: click here




Company
In Tennessee, 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 Tennessee 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 Tennessee will charge you a higher rate if you have specific medical issues.  Please contact us if you have questions concerning this.

Gender
Both Medicare supplement and Medicare advantage plan insurance companies tend to offer slightly lower premium rates for women.

Where you live in Tennessee
Your Medicare Supplement plan monthly premium will vary depending on where you live in Tennessee.  Usually, monthly premiums in rural areas tend to be slightly lower than monthly premiums in large metropolitan regions.

Insurance companies offering Medicare Supplement and Medicare Advantage plans include:

  • AARP
  • Mutual of Omaha
  • Combined
  • IAC
  • Gerber
  • Blue Cross Blue Shield
  • Humana
  • Cigna
  • Aetna

On Average For 2020

On average, in Tennessee, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, female applicant would be: $114.00 - $129.00.
On average, in Tennessee, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, male applicant would be: $122.00 - $153.00.

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.


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What Are Medicare Advantage Plans?
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