What Should I Know About Medicare Supplement Insurance Plans in New York?
If you’re about to celebrate your 65th birthday, it’s time to start thinking about Medicare insurance. One thing you might not know is that there are “gaps” in coverage provided by Medicare Parts A and B. This includes things such as copayments, coinsurance and deductibles. Thankfully, a New York Medicare Supplement Insurance plan is one way to bridge some of the gaps between what’s covered and what is not covered. Also known as Medigap, Medicare Supplement Insurance plans assists with out-of-pocket costs and are available from private insurance companies throughout New York.
In 2022, residents of New York have many Medigap or Medicare Supplement plans from which to choose. These include basic benefits from Plans A, B, D, G, K, L, M and N. Medigap Plans C, E, F, H, I and J are no longer available to those who are newly eligible to Medicare but enrollees in these plans are grandfathered into their plan.
As of 2020, Medicare Supplement Insurance plans will no longer sell Medigap Plans C or F to newly eligible Medicare members. Congress has decided that new Medigap plans will no longer be allowed to cover the Part B deductible after January 1, 2020. This will only affect Medicare Supplement Plans C and F as these are the only Medigap plans that cover the Part B deductible. Anyone enrolled in a Medigap Plan C or F as of December 31, 2019, will be grandfathered and will be able to continue to use their plan as long as they want.
New York residents looking to enroll in a Medicare Supplement Insurance plan need to first look at their specific coverage needs to determine what Medigap plan to consider.
What Are the Most Popular Medicare Supplement Insurance Plans in New York?
The government-approved Medicare Supplement Insurance plans help protect consumers in most states, including New York. The statistics below offer a view of the most popular Medigap Supplement Insurance plans selected by New York residents. All insurance companies sell Medigap plans and offer the same basic benefits, but those plans may come at different prices depending on where you live and the carrier. Each insurer may not offer each of the 8 Medicare Supplement Insurance plans.
As reported by AHIP, 488,290 New York beneficiaries enrolled in a Medigap policy in 2019. Below is the breakdown of the number of New York enrollees by Medigap plan type.
| Plan | A | B | C | D | E | F | G | H | I | J | K | L | M | N |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Enrollment # | 11,884 | 16,788 | 20,954 | 1,076 | 3,811 | 267,948 | 19,597 | 2,193 | 6,003 | 6,103 | 9,152 | 3,026 | 6 | 117,110 |
Source: AHIP. Reflects data through December, 2019.
| Plan | Enrollment # |
|---|---|
| A | 11,884 |
| B | 16,788 |
| C | 20,954 |
| D | 1,076 |
| E | 3,811 |
| F | 267,948 |
| G | 19,597 |
| H | 2,193 |
| I | 6,003 |
| J | 6,103 |
| K | 9,152 |
| L | 3,026 |
| M | 6 |
| N | 117,110 |
Source: AHIP. Reflects data through December, 2019.
While a Medigap policy will help pay for things like copayments, coinsurance and deductibles not covered by Medicare Parts A and B, it is important to note that your New York Medicare Supplement Insurance plan will not cover benefits for prescription drugs. However, you can purchase an additional Medicare Prescription Drug plan which provides prescription drug coverage. New Yorkers can also consider a New York Medicare Advantage plan, which typically includes prescription drug coverage and may also include gym memberships and other benefits, such as dental, vision and hearing coverage.
Learn more about your Medicare Supplement Insurance plan options in New York by working with a SelectQuote licensed sales agent. SelectQuote acts as an advocate for you. Our licensed sales agents can guide you through the Medicare maze to help you better understand Medigap plan options and answer any questions you might have throughout the process. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare plans in New York.
New York residents cannot be enrolled in a Medicare Supplement (Medigap) Insurance plan and a Medicare Advantage plan at the same time. A Medigap plan in New York can’t be used to pay for any expenses for a Medicare Advantage plan.
When is the New York Medicare Supplement Plan Enrollment Period?
Initial enrollment timeframes are very important. Enrollment for Medicare Supplement Insurance plans in New York begins the first day of the month you turn 65 years old. You also must be enrolled in both Medicare Parts A and B in order to purchase a Medigap plan.
New York residents have a six-month timeframe around their birth month to buy a Medicare Supplement Insurance plan. New York residents under the age of 65 can check with the Social Security Administration office for additional enrollment periods.
The best time to enroll in a Medicare Supplement plan is during the initial 6 months you are eligible for Medicare. There’s no reason to wait until your 65th birthday. You can begin making these important changes at age 64 and 6 months. During this important six-month period, companies that offer Medicare Supplement Insurance plans cannot use underwriting. In other words, during this timeframe your acceptance is guaranteed. However, if you apply for Medicare Supplement Insurance plan outside of this 6-month window, you will be subject to a physical exam. If you apply for Medigap coverage after the first six months of eligibility, a company can refuse to sell you a plan or premiums may also adjust depending on current health status and pre-existing health conditions.
Is a New York Medicare Supplement Insurance Plan Right for You?
SelectQuote can help New York residents receive all the available Medicare benefits they deserve. As a trusted independent third-party company which helps consumers understand their Medicare options, our licensed sales agents can make you aware of any annual updates to Medicare plans made by insurance companies. We’re here to help you find the right New York Medicare Supplement Insurance plan to meet your needs and budget.
To ensure you are getting all the benefits you are entitled to receive, call or complete your online form today. Let SelectQuote’s personal licensed sales agents simplify the Medicare maze by comparing rates and independently shopping insurance companies to help you find an affordable option that meets your unique needs.
