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Your Guide to Medicare in New York for 2020
For the most part, New York Medicare plans work the same way as they do across all other states. One important difference between Medicare in New York and other states is that New York has a year-round Open Enrollment for Medigap. Also, due to the higher cost of living in New York, premiums can be higher than in other states. Below, we’ll go over what you need to know about Medicare in New York.
Year-Round Open Enrollment for Medigap in New York
Typically, the best time to enroll in a Medigap plan is during your six-month Medigap Open Enrollment Period. During this timeframe, you are eligible to enroll in any plan of your choosing, without having to answer any health questions.
However, New York has year-round Open Enrollment. This means that any beneficiary in New York can apply for a Medigap plan at any time of the year without having to answer any health questions. This is a great benefit for New York residents. However, the downfall to this is premiums will be higher because of this year-round Open Enrollment.
No Part B Excess Charges in New York
As stated above, New York is one of the few states that does not allow excess charges. For New Yorkers, you may want to go with Plan F or Plan N, rather than Plan G.
Regardless of which carrier you decide to go with, the letter plan benefits will all be the same. The only difference is the cost chosen by the carrier.
This is another example of the cost of being dependent on where you live. The same letter plan in Saratoga Springs can cost more or less when compared to the same letter plan in New York City.
What are the Best Medigap Plans in New York?
Plan F is the most popular plan as it leaves beneficiaries with the least amount of out-of-pocket expenses. Plan G is the second most well-liked plan. The only difference is that it does NOT cover your Part B deductible like Plan F.
However, all first-dollar coverage plans are going away in 2020, including Plan F, high-deductible Plan F, and Plan C. The good news is, there’s a new high-deductible Plan G being introduced in 2020 to replace HDF.
Plan N pays 100% of the Part B coinsurance, minus a copayment for some office visits and emergency room visits. This plan is considered one of the “cost-sharing” plans due to the above-required copays.
How do Medicare Supplement Work in New York?
Lets’ say Linda was in New York City site seeing. As she was walking in the busy streets, she slipped and fell. The ambulance came and brought her to the hospital. Her ambulance ride falls under Part B, which has a deductible is $198 in 2020.
Then the deductible for her in hospital stay is $1,408 for 2020.
So, right out the gate, the out of pocket costs are just under $1,500. If Linda had a Medigap plan, most if not all of those costs would’ve been billed to the carrier.
Medicare Advantage Plans in New York
Private insurance companies offer Medicare Advantage plans. They’ve been approved by Medicare and are usually an HMO or PPO plan. Whichever carrier you chose will then take over as your primary coverage.
You’ll be required to forfeit both Plan A and B. This means you’ll still get your hospital and medical coverage. However, it will be in the form of your Medicare Advantage Plan. You won’t be eligible to enroll in a Medigap plan while you’re enrolled in Medicare Advantage.
Top-Rated Medicare Advantage Plans in New York:
Part D in New York
Prescription drug plans, or Part D, is just that. It covers your medications.
Part A and Part B do not cover any prescription costs. Medigap plans don’t either.
There’s also a late enrollment penalty for going without Part D if you don’t enroll when you’re first eligible.
However, if you have a form of creditable coverage you won’t be penalized.
Top-Rated Part D Plans in New York:
- SilverScript Choice
- Humana Walmart Value Rx Plan
- Cigna-HealthSpring Rx Secure-Essential
New York Medicare FAQs
How to Sign up for Medigap in New York
New York Medicare Supplement policies can help beneficiaries pay for out-of-pocket medical expenses.
All Medigap plans have a difference in costs based on where you reside and which carrier you chose.
Be smart and compare all Medicare Supplements available in your area. This will help you choose a plan to fit your budget and healthcare needs.
At MedicareFAQ, we would be more than happy to help guide you to find the best supplemental plan suitable for all your individual needs. Call us at the number above or fill out an online rate form today!