Medigaps, also called Medicare Supplements are health insurance policies that offer standardized benefits to work with Original Medicare (not with Medicare Advantage). They are sold by private insurance companies. If you have a Medigap, it pays part or all of certain remaining costs after Original Medicare pays first. Medigaps may cover outstanding deductibles, coinsurance, and copayments. Medigaps may also cover health care costs that Medicare does not cover at all, like care received when travelling abroad. Remember, Medigaps only work with Original Medicare. If you have a Medicare Advantage Plan, you cannot buy a Medigap.

Insurance companies may offer up to 10 different Medigap policies labeled A, B, C, D, F, G, K, L, M and N. Each lettered policy is standardized. This means that all policies labeled with the same letter have the same benefits, no matter which company provides them or their price. For example, Medigap policy A offered by company 1 provides exactly the same benefits as Medigap policy A offered by company 2. Companies are not required to offer all 10 standardized Medigap policies, meaning some may be unavailable in your state.

In New York State, all Medicare beneficiaries are eligible for continuous open enrollment for Medigap policies. This means insurance companies:

• sell you a Medigap policy at any time, no matter your age or health status

• Cannot deny you coverage or charge you more because of your health status

• Must sell to people with Medicare who are under 65, as well as to those over 65

Medigap premiums in New York are no-age-rated (community-rated). This means that your Medigap premiums vary depending on where in New York you live but are unaffected by your age or health status.

Comparing Medicare Supplement insurance plans in New York

As previously mentioned, Medicare Supplement insurance plans in New York do not vary in coverage or benefits between plans of the same letter. However, each independent insurance company offering Medicare Supplement insurance plans may determine its own monthly premium structure. Thus, an identical Medicare Supplement insurance plan for a certain cost in one county may cost more or less in another county. You may want to compare all Medicare Supplement insurance plans in New York available to you, and make a selection based on your health needs and your budget.

I can help you start your comparison of Medicare Supplement insurance plans in New York today. Simply contact me and I will provide a customized list of Medigap plans and their carriers available to you in your area.

*Pre-existing conditions are generally health conditions that existed before the start of a policy. They may limit coverage, be excluded from coverage, or even prevent you from being approved for a policy; however, the exact definition and relevant limitations or exclusions of coverage will vary with each plan, I will check a specific plan’s official plan documents to help you understand how that plan handles pre-existing conditions.