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The American Association for Medicare Supplement Insurance does NOT sell insurance. But we field a lot of calls from consumers. Many are confused and that’s understandable. Medicare can be extremely confusing.
With that in mind, we offer the following information designed to share meaningful information regarding New York Medicare Insurance plans and options.
If you have questions or want to learn more, we encourage you to speak with a local Medicare insurance agent.
Medicare is a NATIONAL program. But your plan options can be very LOCAL. A plan available in Manhattan probably won’t be available in Albany or Buffalo. And, the least expensive plan in Rochester may not be the cheapest in Syracuse.
We provide a directory of New York Medicare insurance agents. It is FREE to access and 100% PRIVATE. You only enter your Zip Code. Click the link to find New York Medicare insurance agents in your local area.
The TV ads make Medicare sound incredible. Everything is free. You can even get money back on your Social Security.
But, here’s what they don’t tell you. Simply they are looking for you to call the toll-free number. Then an agent will talk to you likely about a specific plan they are selling. It might be the BEST option for you.
Or, it might NOT be the best option. Because in New York you likely have over 50 different available options. And, that’s if you decide NOT to simply have Medicare Parts A and B.
There are Medicare Advantage plans. Those often are the ones with $0 cost in terms of premium. They may include prescription drug coverage. Many will have those added benefits, like dental, vision and other perks. But, these plans are NOT FOR EVERYONE. There can be costs that amount to thousands of dollars. You may have restrictions on care providers. And those sexy free added benefits can vary significantly.
Medicare Supplement plans (also commonly called Medigap) plans are another option. You will pay some monthly premium. But these plans allow you to see any medical provider that accepts Medicare. There are many reasons that 14 million Americans today choose to have Medigap plan coverage.
Below we give 2022 Medigap Price Comparisons. As you can see, costs vary – significantly. No one company is always the cheapest in New York.
Once again, we strongly recommend the importance of comparing options.
If your goal is to find a New York Medicare insurance agent who can help you compare available plans, here are two important questions to ask. For fun, try them out when calling the Toll-Free numbers advertised on television.
Can you discuss (and sell) BOTH Medicare Advantage and Medicare Supplement options? Not all agents can discuss and sell both. That doesn’t mean you should NOT speak to the agent. Just understand that they can really only sell you one option.
How many Medicare insurance companies are you appointed to sell? Appointed is industry jargon that means the agent can actually sell you that policy. If the agent is NOT appointed to sell a particular company they can’t sell the company’s policy to you (and earn a commission). Some agents are only appointed to sell 1 or 2 insurers. Others, referred to as ‘brokers’ will usually be appointed with between 5 and 10 (or more).
The following illustrates the importance of comparing options. The Association looked at costs for a woman and man turning age 65 and first signing up for Medicare. We selected Medigap Plan G because that’s the most popular plan selected by Medigap buyers turning age 65.
REASONS TO COMPARE PLANS
First, as you can see there is a significant price difference between the cheapest option and the most expensive one.
Female/ Male, Turning Age 65 – New York City (Zip Code 10013)
Lowest Premium: $278.25/month – Highest Premium $476.04/month
Buffalo (Zip Code 14201)
Lowest Premium: $271.20/month – Highest Premium $377.55/month
Albany (Zip Code 14201)
Lowest Premium: $232.50/month – Highest Premium $377.55/month
Access latest Medicare insurance statistics
Click here for Medicare insurance Plan G Price Index (2022)
Find tips to find Best Medicare Drug Plan