Seniors Pay maximum Premiums for Medigap Plans in Connecticut

According to a study by Weiss Ratings, an independent rating agency of U.S. financial institution, seniors living in Connecticut pay more for Medicare supplement insurance than those in any other state. For seven of the ten standard Medigap plans, the average annual premium among all insurers in Connecticut is the highest in the U.S. On average it is more than double the premiums charged in the least expensive states.

In addition to Connecticut, seniors in New York pay the most, on average, for two of the ten standard plans, while Florida seniors pay more for the rest of the plan. The ten standard plans, consented by Congress, are named alphabetically — Plans A, B, C, D, F, and G have been in place since 1992; Plans K and L were added in 2006; and Plans M and N added in 2010. Each plan has exactly the same benefits in spite of of the insurance company offering it.

On the other hand, seniors in Utah and Hawaii pay lower premiums, on average, than those in any other state. Utah insurers ranked least expensive for five of the standard plans and Hawaii insurers for four. Montana rounded it out with the least expensive nationwide for the other plan.

Regional disparity in medical costs explains some of the price differences across the country.  But companies that charge two, three, and often four times more for the same coverage in one state versus another or even within a state or city are simply not justified according to Melissa Gannon, vice president of Weiss Ratings.

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