A New York senior turning 65 this year could pay as little as $213-a-month or as much as $476 for their Medicare Supplement insurance policy according to the 2020 Cost Comparison by the American Association for Medicare Supplement Insurance (AAMSI).
"Medicare Supplement or Medigap insurance policies are standardized but each insurer that offers policies in New York establishes their own price," reports Jesse Slome, director of the Association. "The difference between the lowest and the highest monthly cost can be significant."
For the 2020 analysis of Medigap costs, the Association compared rates for Plan G across major U.S. markets. "Plan G replaced Plan F and we expect it will be the number one choice for seniors purchasing Medicare Supplement insurance coverage when they qualify for Medicare," Slome notes.
The Association compared prices for five locations across the State including Brooklyn, Buffalo, Manhattan, Rochester and Syracuse. "The difference was as much as 77 percent for a 65-year-old male purchasing a Plan G coverage," Slome shares. The difference for a comparable female was also 78 percent.
In the New York state areas surveyed, the lowest cost for a 65-year-old female purchasing a Medigap Plan G policy was $213.25-per-month in Syracuse, Rochester or Buffalo. The highest cost for Plan G was $476.04 for a male age 65 in New York City according to the analysis.
"We do recommend New York seniors learn about cost differences before locking into a policy or a particular insurance company," Slome advises. The Association provides free access to a national Find Medicare Insurance Agents online directory providing information on nearly 1,000 professionals listed by Zip Code. No information need be entered to access the director at the Association's website, www.MedicareSupp.org.
The American Association for Medicare Supplement Insurance advocates for the importance of planning and supports insurance professionals who market Medicare-related insurance products. The organization's website contains relevant research and information designed to help consumers make educated choices in their planning.