New York, NY, August 25, 2018 --(PR.com
)-- The difference between the least costly and most expensive Medicare Supplement insurance policy in major cities across New York State can vary by as much as 56 percent according to the 2018 Cost Comparison by the American Association for Medicare Supplement Insurance (AAMSI), an industry trade organization.
"While Medicare Supplement insurance policies are standardized, each insurer offering policies in New York sets their own prices and the difference between the lowest and highest monthly cost can be significant," explains Jesse Slome, director of the Association. AAMSI compared rates for both men and women age 65 across major U.S. markets.
For five cities reported, the largest difference between the lowest available cost and the highest could be found in Rochester and Syracuse. "The difference was 56.8 percent for both men and women," Slome shares. In New York, both men and women pay the same price, something that is not true in other states according to AAMSI analysis.
The lowest cost for a 65-year-old female purchasing a Medigap Plan F policy was $201.75-per-month the Association report revealed for the Syracuse and Rochester areas examined. The highest cost for Plan F was $482.32 for residents of Brooklyn, Buffalo and Manhattan. Details of the 2018 cost comparison findings for New York Medicare Supplement costs for Brooklyn, Buffalo, Manhattan, Rochester and Syracuse can be accessed via the organization's website.
"We don't necessarily recommend buying the least expensive Medigap policy," Slome admonished. "But we do recommend New York seniors learn about cost differences before locking into a policy or a particular insurance company."
The Association provides free access to a national Find A Local Medicare Insurance Agent 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.