If you’re like many Americans, you may be curious as to how much average Medicare supplement cost. The truth is, it really depends on a number of factors. One of those factors is the type of Medicare Supplement Insurance you select. Another factor is whether you decide to select Medigap policies or traditional Medicare policies. There are also other factors that can significantly increase or decrease the Medicare Supplement Insurance premiums you pay.
How do you know how much it costs to join Medicare? The short answer is: it depends. The average monthly premium for Medicare Supplement Plans range from around $50 to about $300, depending where you live in the United States.. Medicare Part A and Part B are mandatory coverage programs, which means that if you don’t have Medicare, you will need to buy supplemental insurance to meet your needs. Once you enroll in Medicare Parts A and B, you will receive a Medicare Supplement Insurance card, which allows you to choose the types of plans and companies that provide them. Depending on the type of supplemental insurance you choose, the average monthly premium you pay can vary widely, from as low as $0.30 per month to as high as nearly two-hundred dollars.
There are a variety of ways to lower the cost of Medicare supplement plans. If you are living on a fixed income, you can qualify for some merit-based government assistance, which could reduce the amount of your monthly premiums. You can also choose a high deductible Medigap policy with a low monthly premiums and then reduce your coverage once you reach a certain income level.