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How Much Does A Medicare Supplement Plan Cost In New York?
How much does a Medicare supplement plan cost in New York? Well, that depends upon a variety of factors. Generally, Medicare supplement plan monthly
premiums tend to run slightly higher in New York than they do in other nearby states. But there are other factors that have a far greater impact on price.
Keep in mind that when searching for the ideal Medicare supplement plan, cost is a significant factor, is should not be the only factor you should consider.
The most important factor should always be the overall quality of the plan you choose. This includes the benefits of the plan itself, as well as the company
that is behind the plan. Once you are satisfied with the aforementioned qualities of the plan, only then should you consider price.
Good to know: Ask whether tests, prescriptions or procedures are really necessary. The latest drugs aren't always better than older, cheaper drugs - just more expensive. If you tell the doctor you're paying cash, he/she may suggest you wait to see if the condition resolves before ordering an expensive test. Instead of paying for 20 sessions of physical therapy, pay for one and learn exercises to do at home.
We will list the factors that impact the premium rates of Medicare supplement insurance. They are ordered from the most significant impact, to the least:- Plan Type
- Age
- Company
- Tobacco Use
- Health Status
- Region
- Gender
Plan Type
The most significant factor is the plan type that you choose. For example, the monthly premium of a plan type "F" is going to be significantly higher than the monthly premium of a plan type "K". This is because each Medicare supplement plan type offers a different benefit structure. All supplement plans are designed to cover medical costs that are not covered by traditional Medicare. However, some plans pick up more medical costs than others. These benefit differences are reflected in monthly premium.
Age
With very few exceptions, the older you are, the higher your monthly premium.
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Company
In New York, Medicare supplement monthly premiums vary wildly depending upon which insurance company you buy the plan from. The fact that plan benefits may be exactly the same, does not mean the monthly premium will be. While traditional Medicare is a government program, Medicare supplement plans are offered by private insurance companies. They get to set the pricing of the plans they offer.
Tobacco Use
Most insurance companies in New York will charge a slightly higher monthly premium for Medicare supplement coverage if you smoke or chew tobacco.
Health Status
In some cases, if you are not enrolling within the open enrollment - guarantee issue time frame for Medicare supplement coverage, some companies in New York will charge you a higher rate if you have specific medical issues. Please contact us if you have questions concerning this.
Gender
Both Medicare supplement and Medicare advantage plan insurance companies tend to offer slightly lower premium rates for women.
Where you live in New York
Your Medicare Supplement plan monthly premium will vary depending on where you live in New York. Usually, monthly premiums in rural areas tend to be slightly lower than monthly premiums in large metropolitan regions.
Insurance companies offering Medicare Supplement and Medicare Advantage plans include:
- AARP
- Mutual of Omaha
- Combined
- IAC
- Gerber
- Blue Cross Blue Shield
- Humana
- Cigna
On Average For 2024
On average, in New York, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, female applicant would be: $124.00 - $157.00.
On average, in New York, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, male applicant would be: $150.00 - $188.00.
Good to know: Just because your doctor writes you a prescription doesn't mean you can fill it. Expensive medications for treatment of certain cancers, diabetes, liver disease, and a host of other maladies can cost patients tens to hundreds of thousands of dollars if the insurer does not cover the drugs. But even if the drugs are covered, insurers have been known to try to stall, just to see if the patient will come up with the money to pay for the drugs rather than wait on the insurer's approval. What can we say? It happens.
To get an exact rate, click the "Get An Instant Quote Now" at the top of the page!
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