Medicare Supplement Costs & Plan Availability in Minnesota -- Industry Study

MINNEAPOLIS, July 16, 2013 /PRNewswire/ -- MedicareSupplement.com released a new, Medigap industry study that provides the average cost of premiums between various insurance companies for Minnesota Medigap enrollees. The study analyzes 18 of Minnesota's insurance companies and averages their premiums for the Basic Plan, Extended Basic Plan and additional riders.

The Basic Plans in Minnesota have fewer benefits than the Extended Basic Plans, but feature mandatory riders that can supplement additional coverage. For this reason, the study includes an average premium for the Basic Plan and Basic Plan with all 4 riders. By compiling and averaging the data provided by the Minnesota government's insurance site, the study focusing on companies with the lowest premiums and the most Medigap plans available.

Recently, the Minnesota state laws have changed (as of June 1, 2010) to include the NAIC's standardized plans (K, L, M, N & the high deductible Plan F). However, even though these plans can legally be sold as of three years ago, many of the insurance companies in Minnesota only offer a few, if any of these additional plans at all. In fact, Colonial Penn is currently the only insurance company in Minnesota to offer all 5 of the available NAIC standardized plans.

Source: http://mn.gov/commerce/insurance/images/PremiumGuide_MedicareSupplement_Medigap_9_12.pdf

In Minnesota, more seniors enroll in Medigap than any other form of supplemental insurance coverage; 35.47 percent enrollment in 2012. This is in large part due to the costs of Medigap in Minnesota in general. Not only are incomes higher in Minnesota, making it more affordable, but also because a Minnesota residents typically don't enroll in Medicare's prescription drug coverage. Medicare Part D has a relatively low enrollment, so without the added premium of Part D, Medigap increases its own affordability.

To learn more about Minnesota's Medigap policies and available plans, visit http://www.medicaresupplement.com/studies/minnesota-insurance-companies-premiums/ to receive the state specific details on Minnesota.

For more general information on plans, eligibility and news, visit http://www.medicaresupplement.com/.

Contact:
Derek Nahigyan
909.784.2461
[email protected]

SOURCE MedicareSupplement.com