Enrolling in a Medicare Supplement plan is a good way to ensure that you don’t pay too much for healthcare. Original Medicare only covers 80% of medical costs, leaving you responsible for covering 20%. Medicare Supplement plans help pay for this remaining portion, making it easier to predict your overall cost for healthcare each year. 

In New York, you have a choice between ten Medicare Supplement plans. Each plan is labeled with a letter from A through N. Most Medicare beneficiaries consider plans G and N to be the “best” plans because they provide the most coverage at a good price. That being said, the best Medicare Supplement plan for you depends on your specific financial situation and healthcare needs.

Key takeaways:

  • There are ten types of Medicare Supplement plans you can choose from in New York. 

  • The best Medicare Supplement plan in New York depends on your healthcare needs, but Medigap Plan G and N provide the most comprehensive coverage.

  • For all New York Medicare Supplement plans in 2024, premiums range from $74/mo for a high-deductible Plan F to $843/mo for the highest cost Medigap Plan F.

  • Enrolling in a Medicare Supplement plan is easier in New York because the state has 

Comparing Medigap plans

Also called Medigap, Medicare Supplement plans provide additional coverage that complements Original Medicare. Every state except Massachusetts, Minnesota, and Wisconsin, offer the same ten Medicare Supplement plans, each labeled with a letter from A to N. Many states also offer a high-deductible version of both Plan G and Plan F.

Take a look at the chart below to see the benefits each plan covers. All plans of the same type—all Plan Gs for example—have the same level of coverage. However, your premium depends on personal factors and factors determined by your insurance provider. We’ll get into that later on. 

Note that you can’t enroll in a Medigap Plan F if you turn 65 after January 1, 2020. The same goes for Medigap Plan C.

What is the best Medicare Supplement plan in New York?

There is no one “best” Medicare Supplement plan for everyone. It’s important to assess your medical needs, healthcare costs, general budget, lifestyle, and preferences to determine the best Medigap plan for you. Sometimes it’s helpful to talk to someone about what you need. Our licensed Medicare Advisors are here to listen, compare plans, and assist you in choosing your Medicare insurance.

If you take a look at the comparison chart above, you can see that Plan G and Plan N generally cover the most out-of-pocket costs. These plans are considered the “best” out of the ten Medigap policies, but that doesn't mean you shouldn’t explore your other options.

How much do Medicare Supplement plans cost in New York?

For all New York Medicare Supplement plans in 2024, premiums range from $74/mo for a high-deductible Plan F to $843 for the highest cost Medigap Plan F. Compare prices and learn more about specific plans here or give us a call at (855) 900-2427 to get help comparing your options.

You’ll notice that each Medigap plan has a range of prices. Your premium will depend on unique personal factors such as your:

  • Age

  • Gender

  • Location

  • Smoking status

Whether or not you live with someone who is Medicare-eligible can be an additional personal factor that determines your premium.

How insurance companies price Medigap plans

Insurance providers have specific pricing structures they use to set the cost of Medigap premiums. Generally, plans are either community-rated, issue-age-rated, or attained-age-rated. However, all Medigap premiums are community-rated in the state of New York. These plan premiums vary depending on where you live in New York, but they can’t charge you more based on your age or health status. 

Signing up for a Medicare Supplement plan in New York

Compared to other states, New York has a more flexible Medicare Supplement enrollment policy. If you live in New York, you have continuous guaranteed issue for any Medigap plan of your choice. This means that:

  • You can purchase a Medigap policy at any time

  • You won’t ever need to answer questions about your health history

  • Insurance companies can’t deny you coverage or charge you more because of your health status

Between choosing a plan and deciding on an insurance carrier, making a decision about which Medigap policy to purchase can feel overwhelming. Talking to a New York Medicare Advisor can alleviate any anxiety you have about Medicare choices. They can help you understand your options and help you pick the best Medicare Supplement plan for you. Call us today at (855) 900-2427 or schedule a consultation for later to get started.

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