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How much do you pay for your Medicare coverage?
Could you be paying less for your monthly premiums?
Did you know that Medicare Supplement Insurance (Medigap) can help pay for some of your out-of-pocket Medicare costs?
If you have a Medicare Supplement Insurance plan, or if you are interested in comparing free Medicare Supplement Insurance Quotes, a licensed insurance agent can help you compare plans that are available where you live.
Or call 1-800-995-4219 to speak with a licensed insurance agent.
There are 4 parts of Medicare:
Medicare Supplement Insurance is a type of private Medicare insurance.
Learn more about each type of Medicare coverage below.
Medicare Supplement Insurance plans help cover some of Medicare's out-of-pocket costs. These costs can include certain Medicare deductibles, coinsurance, copayments, excess charges and more.
Or call now to speak with a licensed insurance agent:
Original Medicare is provided by the federal government.
The costs for Part A and Part B are standardized, although not everyone necessarily pays the same amount for premiums, depending on your circumstances.
Medicare Part A premiums are based on how long you or your spouse worked and paid Medicare taxes.
Your 2024 costs for Medicare Part A premiums could be one of the following:
Your Part B premiums are based partly on your reported modified adjusted gross income from two years prior.
The chart below shows what Part B beneficiaries will pay in 2024 based on their reported income from 2022.
Medicare Supplement Insurance Quotes
| 2022 Individual tax return | 2022 Joint tax return | 2022 Married and separate tax return | 2024 Part B premium |
|---|---|---|---|
| $103,000 or less | $206,000 or less | $103,000 or less | $174.70 |
| More than $103,000 and up to $129,000 | More than $206,000 and up to $258,000 | N/A | $244.60 |
| More than $129,000 up to $161,000 | More than $258,000 up to $322,000 | N/A | $349.40 |
| More than $161,00 up to $193,000 | More than $322,000 up to $386,000 | N/A | $454.20 |
| More than $193,000 up to $500,000 | More than $386,000 up to $750,000 | More than $103,000 up to $397,000 | $559.00 |
| More $500,000 | More than $750,000 | More than $397,000 | $594.00 |
The average cost of each type of private Medicare insurance can vary based on the type of plan you have, where you live, the insurance carrier who you buy your plan from and other factors.
The average Medicare Advantage plan premium in 2024 is $13.24 per month.1 It's important to note that this is a weighted average. Some Medicare Advantage plans may feature $0 monthly premiums.
The cost of Medicare Advantage plans have been slowly decreasing in recent years.
The average Medicare Part D plan premium in 2024 is $55.50 per month.2
Part D premiums can be vary based on a number of factors, including their drug formulary, or the list of drugs that they cover.
Part D plan formularies typically separate drugs into different tiers, with less expensive generic drugs in lower tiers, and more expensive brand name drugs in higher tiers.
The average premium for a Medicare Supplement Insurance plan in 2024 is $130.58 per month.3
Medigap premiums can be determined partly by location, the benefits the plan offers and the pricing models that your Medicare Supplement Insurance company uses to price their plans.
There are three primary types of pricing methods insurance companies use:
Medigap premiums can increase over time due to inflation and other factors, regardless of the pricing model your insurance company uses.
Or call now to speak with a licensed insurance agent:
When you turn 65 years old and are enrolled in both Medicare Part A and Part B, you will begin a six-month Medigap open enrollment period. This is the best time to buy a Medigap plan.
During this time, you have guaranteed issue rights, which means insurance companies are not allowed to use medical underwriting to determine whether they will issue you a plan and what they will charge you for plan premiums.
Underwriting is when an insurer issues you a physical exam or health questions, and then adjusts your plan quote according to your health.
The more health issues you have, the more you might be charged by the insurance company because you are seen as riskier to insure.
In addition to your Medigap OEP, there are several Medigap guaranteed issue rights that may allow you to sign up for a Medigap plan without medical underwriting. Your plan type options may be limited depending on the guaranteed issue right you have.
A licensed insurance agent can help answer some of your Medicare questions, such as whether you are eligible for a Medicare Supplement Insurance plan and when you can enroll.
The selection and cost of Medigap plans can vary by location, but an agent will be able to tell you which plans are available in your area and go over the costs and details of each one.
Or call 1-800-995-4219 to speak with a licensed insurance agent.
1 TZ Insurance Solutions analysis of data provided by the Centers for Medicare & Medicaid Services (CMS), including the 2024 MA Landscape Source Files as well as carrier-provided plan data provided by Sun Fire Inc.
2 Centers for Medicare & Medicaid Services. (Oct 13, 2023). 2024 Medicare Advantage and Part D Star Ratings. www.cms.gov/newsroom/fact-sheets/2024-medicare-advantage-and-part-d-star-ratings.
3 Internal sales data provided by TZ Insurance Solutions LLC, 2023. This data is based on the Medicare Supplement Insurance policies TZ Insurance Solutions LLC has sold. It is not a comprehensive national average of all available Medicare Supplement Insurance plan premiums.
Christian Worstell is a health care and policy writer for MedicareSupplement.com. He has written hundreds of articles helping people better understand their Medicare coverage options.
Christian Worstell is a licensed insurance agent and a Senior Staff Writer for MedicareSupplement.com. He is passionate about helping people navigate the complexities of Medicare and understand their coverage options.
His work has been featured in outlets such as Vox, MSN, and The Washington Post, and he is a frequent contributor to health care and finance blogs.
Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism. He currently lives in Raleigh, NC.
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