With over 3.3 million Medicare recipients, New York ranks fourth in the number of people enrolled in Medicare in any U.S. state. Though many states with even smaller enrollment numbers have dozens of Medicare insurance companies approved, the State of New York lists less than two dozen.
Still, New Yorkers have plenty of companies to choose from, and finding the best New York Medicare supplement plans still offers a challenge for many Medicare recipients. We want to help you sort through your options to make the right choice. You’re welcome to use our online quote forms or to call the toll-free phone number for assistance. Besides New York Medicare supplement plans, we can also help you find information on New York Medicare Advantage plans and prescription drug coverage.
Medicare Supplement Plans in New York
These New York cities have the largest concentration of Medicare enrollees who are over 65. The table below tells you the portion of the over-65 population in each of these big cities from U.S. Census data:
When to Buy New York Medicare Supplement Plans
The figures in the table above represent the aged population in each city, and most people who are over 65 qualify for Medicare Part A and B. At the same time, about 15 percent of New York Medicare recipients qualify for Medicare before they turn 65 because of a disability. Open Enrollment for New York Medicare plans is a bit different than it is in most other states, so there isn’t as much of a distinction between elderly and younger Medicare beneficiaries.
For instance, insurers have to accept applications for medicare enrollees at any time, so there isn’t an annual Open Enrollment period like there is for Medicare Advantage plans or Part D prescription drug coverage. However, New York insurers may impose a six-month waiting period for pre-existing conditions under some circumstances. If the applicant has creditable coverage, the waiting period has to be waived.
Medicare enrollees also get a Guaranteed Enrollment Period during the first six months that they have Part A and Part B. In addition, loss of coverage may result in another Guaranteed Enrollment Period. It may be easiest to enroll in a Medicare supplement during this time, but you are welcome to apply for New York Medicare supplements at any time.
Which New York Medicare Supplement Plans are Best?
This state follows the same guidelines for standardized Medicare supplement plans as most states do. At the same time, every company may not offer every plan. They must offer Plan A and B and either Plan C or F. According to the New York Department of Financial Services, these are some examples of plans that major companies offer:
While you still have a variety of plans to choose from, you might want to start by considering these three plans that tend to suit the needs of most Medicare recipients:
You may also choose a high-deductible Plan F. This supplemental insurance will work exactly like Plan F after you pay the annual deductible amount. Of course, you should find that premiums for this supplemental insurance will be considerably cheaper than they are for Plan F.
Premium Samples for New York Medicare Supplement Plans
In order to understand how your choice of Medicare supplement plans may impact the rates you pay, you can look at some samples. These are only examples that were pulled for a certain ZIP code and date, so you should not assume they will be exactly the same as your own rate quotes.
These were pulled for a Medicare beneficiary in Albany New York from one of the competitive health insurance companies:
Note that all insurers must adhere to the standardized benefits for each plan, but they are free to set their own premiums. For base benefits, you will get exactly the same coverage if you buy Plan G from Aetna, Humana, United Healthcare, or any other New York insurance company. However, many insurers offer a variety of perks for their customers.
For instance, you may get a membership program that offers discounts for dental or other related healthcare services. Many insurers also offer household discounts, so you can enjoy cheaper premiums if your spouse also buys insurance from the same company. As you shop for Medicare supplement plans, you might take these extras into account to see if they can save you money.
New York Prescription Drug Coverage and Supplemental Insurance
Medicare supplemental insurance does not come with prescription coverage like most Medicare Advantage plans do. Most of you will also need to enroll in Part D during the regular, annual Open Enrollment when people can signup for Medicare Advantage plans and/or Part D. If you don’t have prescription insurance, you won’t get help paying for prescriptions. In addition, you will probably have to pay an additional penalty if you enroll in a drug plan later.
Yes, you will probably incur an extra expense for Part D, and modest premiums for Medicare Advantage plans that come with Part D have made Medicare Advantage plans popular. Still, some people like signing up for Medicare supplement plans and Part D separately. You don’t have to purchase Part D from the same company that you buy Medicare supplement plans from, and you may find that you can benefit by shopping for medical and prescription insurance on their own.
Advantages of New York Medicare Supplement Plans
It’s true that Medicare Advantage plans usually have very modest premiums. In some cases, you don’t even have to pay an additional premium for Medicare supplement plans at all. With New York Medicare supplemental insurance, you’ll need to pay a monthly premium for both your health insurance and your prescription plan. You may wonder why you would still benefit from Medicare supplement plans over Medicare Advantage plans.
For one thing, New York Medicare supplement plans don’t rely upon plan networks at all. Almost all Medicare Advantage plans in New York are HMOs or PPOs, and many rely upon local networks. You can use your supplemental insurance at almost any medical provider where Medicare is accepted. You can use it all over the United States, and some Medicare supplement plans even cover you for urgent medical needs outside of the country. Many people choose Medicare supplement plans over Medicare Advantage because they want that kind of flexibility.
In addition, most Medicare Advantage plans still leave you vulnerable to deductibles and coinsurance payments that make it hard to plan for medical costs. If you choose one of the robust Medicare supplement plans suggested above, you should have few or even no out-of-pocket costs for Medicare-covered expenses. Many New Yorkers enjoy having predictable medical coverage during their retirement years, and that’s why they choose Medicare supplemental insurance.
Finding New York Medicare Supplemental Insurance
To find the best option for Medicare insurance, you should start by determining which plans can help you access good doctors in a convenient and affordable way. Then you can simply compare companies to find the most competitive premiums and useful membership perks. Because New York Medicare supplement plans all provide you with standardized base benefits, they should be easier to compare than Medicare Advantage or many other kinds of health insurance.
We can help you choose the best insurance company and Medicare supplemental insurance plan in the State of New York. We can provide you with online quotes for Medicare supplement plans at any time. Just use our handy quote form for instant results.
If you prefer, you can call the toll-free number to speak with an agent. Because we serve a diverse client base, we can help you with Medicare supplemental insurance, Medicare Advantage, Part D, and other insurance concerns.