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 Massachusetts.
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.
One cost often overlooked when it comes to saving for retirement? Medigap plans. Because Medicare doesn't cover everything.
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.
Note that Medigap is age-related, so the older you are, the more you pay. These projections are based on a 65-year-old beneficiary and may vary depending on whether coverage was purchased during Medicare's open enrollment period, during which insurance companies can't rate participants based on their health.
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.
51. Hawaii
Average annual Medigap plan cost: $1,310
Average monthly Medigap plan cost: $109.16
50. New Mexico
Average annual Medigap plan cost: $1,464
Average monthly Medigap plan cost: $122
49. Iowa
Average annual Medigap plan cost: $1,468
Average monthly Medigap plan cost: $122.33
48. Oregon
Average annual Medigap plan cost: $1,468
Average monthly Medigap plan cost: $122.33
47. Wisconsin
Average annual Medigap plan cost: $1,495
Average monthly Medigap plan cost: $124.58
46. Maine
Average annual Medigap plan cost: $1,507
Average monthly Medigap plan cost: $125.58
45. Idaho
Average annual Medigap plan cost: $1,519
Average monthly Medigap plan cost: $126.58
44. Montana
Average annual Medigap plan cost: $1,526
Average monthly Medigap plan cost: $127.16
43. Virginia
Average annual Medigap plan cost: $1,558
Average monthly Medigap plan cost: $129.83
42. North Dakota
Average annual Medigap plan cost: $1,564
Average monthly Medigap plan cost: $130.33
41. Missouri
Average annual Medigap plan cost: $1,565
Average monthly Medigap plan cost: $130.42
40. North Carolina
Average annual Medigap plan cost: $1,574
Average monthly Medigap plan cost: $131.16
39. Georgia
Average annual Medigap plan cost: $1,579
Average monthly Medigap plan cost: $131.58
38. Minnesota
Average annual Medigap plan cost: $1,584
Average monthly Medigap plan cost: $132
37. Vermont
Average annual Medigap plan cost: $1,586
Average monthly Medigap plan cost: $132.16
36. Washington
Average annual Medigap plan cost: $1,589
Average monthly Medigap plan cost: $132.41
35. Utah
Average annual Medigap plan cost: $1,596
Average monthly Medigap plan cost: $133
34. West Virginia
Average annual Medigap plan cost: $1,596
Average monthly Medigap plan cost: $133
33. Arkansas
Average annual Medigap plan cost: $1,598
Average monthly Medigap plan cost: $133.16
32. Kansas
Average annual Medigap plan cost: $1,608
Average monthly Medigap plan cost: $134
31. South Dakota
Average annual Medigap plan cost: $1,611
Average monthly Medigap plan cost: $134.25
30. Tennessee
Average annual Medigap plan cost: $1,617
Average monthly Medigap plan cost: $134.75
29. Colorado
Average annual Medigap plan cost: $1,623
Average monthly Medigap plan cost: $135.25
28. South Carolina
Average annual Medigap plan cost: $1,625
Average monthly Medigap plan cost: $135.42
27. Alabama
Average annual Medigap plan cost: $1,627
Average monthly Medigap plan cost: $135.58
26. Ohio
Average annual Medigap plan cost: $1,647
Average monthly Medigap plan cost: $137.25
25. Nebraska
Average annual Medigap plan cost: $1,651
Average monthly Medigap plan cost: $137.58
24. Indiana
Average annual Medigap plan cost: $1,668
Average monthly Medigap plan cost: $139
23. Kentucky
Average annual Medigap plan cost: $1,670
Average monthly Medigap plan cost: $139.16
22. Washington DC
Average annual Medigap plan cost: $1,677
Average monthly Medigap plan cost: $139.75
21. Pennsylvania
Average annual Medigap plan cost: $1,687
Average monthly Medigap plan cost: $140.58
20. New Hampshire
Average annual Medigap plan cost: $1,704
Average monthly Medigap plan cost: $142
19. Oklahoma
Average annual Medigap plan cost: $1,712
Average monthly Medigap plan cost: $142.66
18. Arizona
Average annual Medigap plan cost: $1,714
Average monthly Medigap plan cost: $142.83
17. Delaware
Average annual Medigap plan cost: $1,730
Average monthly Medigap plan cost: $144.16
16. Michigan
Average annual Medigap plan cost: $1,736
Average monthly Medigap plan cost: $144.66
15. Wyoming
Average annual Medigap plan cost: $1,747
Average monthly Medigap plan cost: $145.58
14. Illinois
Average annual Medigap plan cost: $1,788
Average monthly Medigap plan cost: $149
13. Mississippi
Average annual Medigap plan cost: $1,790
Average monthly Medigap plan cost: $149.16
12. New York
Average annual Medigap plan cost: $1,793
Average monthly Medigap plan cost: $149.42
11. Rhode Island
Average annual Medigap plan cost: $1,812
Average monthly Medigap plan cost: $151
10. California
Average annual Medigap plan cost: $1,817
Average monthly Medigap plan cost: $151.42
9. Florida
Average annual Medigap plan cost: $1,831
Average monthly Medigap plan cost: $152.58
8. Alaska
Average annual Medigap plan cost: $1,851
Average monthly Medigap plan cost: $154.25
7. Texas
Average annual Medigap plan cost: $1,860
Average monthly Medigap plan cost: $155
6. Connecticut
Average annual Medigap plan cost: $1,861
Average monthly Medigap plan cost: $155.08
5. Maryland
Average annual Medigap plan cost: $1,865
Average monthly Medigap plan cost: $155.42
4. New Jersey
Average annual Medigap plan cost: $1,892
Average monthly Medigap plan cost: $157.66
3. Louisiana
Average annual Medigap plan cost: $1,897
Average monthly Medigap plan cost: $158.08
2. Nevada
Average annual Medigap plan cost: $1,904
Average monthly Medigap plan cost: $158.66
1. Massachusetts
Average annual Medigap plan cost: $1,947
Average monthly Medigap plan cost: $162.25
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