Medicare isn't enough for retirees - here's how much extra coverage costs in every state, ranked
- Medicare doesn't cover every health cost - retirees need to save for Medigap plans, extra health insurance policies that help pay for some of the health care costs traditional Medicare doesn't cover.
- HealthView Services provided Business Insider with average annual cost projections for Medigap Plan F, the most popular level of Medigap coverage, in every state.
- Medigap plans are most affordable in Hawaii and most expensive in Washington, DC.
Saving for retirement seems to be never ending.
It's twice as expensive to retire today as it was 25 years ago, writes James Moore in MarketWatch. And according to one financial planner, millennials need more than $1 million saved by the time they retire.
Medigap plans are extra health insurance policies sold by private companies that help pay for some of the health care costs traditional Medicare doesn't cover, such as copayments, coinsurance, and deductibles. Some Medigap plans even cover services, such as medical care when traveling outside the US.
Retirees must have Medicare Part A and Medicare Part B to have a Medigap plan.
HealthView Services provided Business Insider with the average annual cost projections for Medigap Plan F, the most popular level of Medigap coverage, across every state.
The national average cost for Medigap Plan F is $1,712 annually, which is around $143 a month.
Medigap Plan F is the most affordable in Hawaii, with an average annual projected cost of just $1,310 a year, or around $109 a month. In Massachusetts, it's much higher: The average annual projected cost of Medigap Plan F is $1,947, which is equivalent to roughly $162 a month.
Scroll through below to see how much Medigap Plan F costs in every state, plus Washington, DC.
50. New Mexico
42. North Dakota
40. North Carolina
34. West Virginia
31. South Dakota
28. South Carolina
22. Washington DC
20. New Hampshire
12. New York
11. Rhode Island
4. New Jersey
- India's foreign exchange reserves fall to $573 bn
- India's retail inflation dropped below 7% in July for the first time in four months
- Samsung announces Galaxy Watch5 Series with sleep tracking and IR temperature sensor
- India's exports rose to $36 billion in July; trade deficit almost triples
- Rupee, bond yield ends almost flat ahead of the long weekend