New York Ranked Most Expensive State for Medigap Policies

Monday, October 15, 2018

Tennessee and Colorado Ranked Least Expensive

New York Seniors Pay Twice as Much as Tennessee Seniors

Seniors 65 year old living in New York pay more for Medicare supplement insurance (Medigap) than in any other state according to a study by Weiss Ratings, an independent rating agency, of U.S. financial institutions.  For four of the ten standard Medigap plans, the average annual premium among all insurers in New York is the highest in the U.S.—on average more than double the premiums charged in the least expensive states.

With over 56 million Medicare beneficiaries entering the open enrollment period, seniors considering their healthcare planning, should use this time to compare Medigap plans, coverage and rates. With huge variations in Medigap rates among insurers, seniors could save thousands of dollars simply by shopping around.

In addition to New York, 65 year old seniors in Connecticut pay the most, on average, for three of the ten standard plans and Pennsylvania seniors for two of the plans.  With New York and Connecticut currently in the top 10 most expensive states to retire in, every dollar you can save on healthcare during your retirement is vital.

In contrast, seniors in Tennessee and Colorado pay the least, on average, then in any other state.  Tennessee insurers ranked least expensive for three standard plans, Colorado and Oklahoma insurers each for two.

Regional variations in medical costs may explain some of the price variations across the country, but companies that charge two, three, and often four times more for the same coverage in one state versus another are not justified. Weiss Ratings has been warning consumers of the simple truth, that many the insurance companies who offer Medigap plans, are overcharging you for premiums.

            The top 10 states with the highest annual premiums, for the most popular Medigap plan F are shown below.

Premiums based on a 65 year old Female

Senior citizens wishing to learn more about Medigap and compare specific policy prices can go to  They can also obtain a personalized report providing comparisons of the actual premium rates offered in their zip code for each of the ten Medigap plans, along with the Weiss Financial Strength Rating for each carrier. The financial strength of an insurer can affect claim payments and should be a key factor for consumers to consider when selecting policy coverage.

Sign Up to Receive Free Investment Tips

Sign up to receive a complementary subscription to the Weiss Ratings newsletter, plus insights, analysis, and special offers sent straight to your inbox

Thank you! You should receive your first issue shortly

Top Articles


Follow Us On Twitter