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How Much Does A Medicare Supplement Plan Cost In Maryland?
How much does a Medicare supplement plan cost in Maryland? Well, that depends upon a variety of factors. Generally, Medicare supplement plan monthly
premiums run slightly higher in Maryland than they do in most other 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.
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" is going to be significantly higher than the monthly premium of a plan type "K". 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.
Good to know: Read bills carefully. Up to 50 percent of your doctor or hospital bills may contain mistakes that end up costing you money, says Jane Cooper, president of Patient Care, a consumer advocacy group in Milwaukee. Something as simple as an incorrect billing code could prompt your insurance to pay less than expected or even reject your claim. Other common errors: mistakes in an account number, claims with incomplete information - even claims sent to the wrong insurance company address by a doctor. Read your benefits booklet carefully to make sure your plan is paying all it should. If you catch an error, send a certified letter to your insurer. Follow up in a few weeks to make sure the mistake is corrected.
courtesy of Parents.com
courtesy of Parents.com
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| Saint Agnes Hospital 900 S Caton Ave Baltimore, MD 21229 Telephone: (667) 234-6000 Plus Code: 78CG+RR Baltimore, Maryland |
Company
In Maryland, 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 Maryland 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 Maryland 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 Maryland
Your Medicare Supplement plan monthly premium will vary depending on where you live in Maryland. 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
- Blue Cross Blue Shield
- Mutual of Omaha
- Combined
- IAC
- Gerber
- TransAmerica
- United of Omaha
- Humana
- Cigna
On Average For 2024
On average, in Maryland, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, female applicant would be: $121.00 - $148.00.
On average, in Maryland, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, male applicant would be: $136.00 - $170.00.
Interesting Fact: The United States spends over $8,250 per capita on health care every year - that's over 22% higher than the next highest country in the world and over 170% higher than the average of the highest-spending 50 countries in the world. In 1960, the per capita cost of health care was $147 per person in America; adjusted for inflation, it would be $1,082 today; that means our current per capita cost has grown over 660% above and beyond normal inflation. As a portion of the gross domestic product (GDP), health care spending accounts for 17.7 percent. The U.S. is second in the world and first among developed nations for the highest health care spending as a percentage of GDP. The total amount of money spent on health care each year in the United States is $2.6 trillion, and it is expected to continue rising. By 2021, spending on health care each year is expected to be $4.8 trillion. It is estimated that 30% (about $750 billion) of health care spending each year is wasted.
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