Question: I just got a letter from my Medicare Supplement plan and the letter says the monthly premium rates are going up? Should I change my insurance?

Answer: I have heard this question a lot this week. Almost all the Medigap plans raised their rates for the coming 2026 calendar year.

So let me work to clarify some of the issues relating to the pricing structures and the increases. In New York State the pricing of Medicare Supplement Plans (Medigap) are based on your County of Residence. For the purposes of this article, I am concentrating on Chautauqua & Cattaraugus Counties.

Currently the most popular Medigap plans are Plan F, G, N & K. Many insurance related materials promote plan G, but your personal best plan really depends on your particular situation. This year it seems almost all the companies have raised their premiums at least 10%, but some as much as 30%! That is a large increase in monthly premiums!

If you are paying your premium with an Electronic Funds Transfer (EFT) from your bank account, your premium could be less and sometimes if you belong to a club/organization you get a discount. If you pay the premium all at one time with one check, you also could pay less for the full year which is similar savings as the EFT.

Most companies are instituting the price increases for January of 2026. There are some companies we may see an increase later in 2026. One popular company, Transamerica Financial raises the premiums for new enrollees as of January 1, but YOU won’t see that rate increase until your anniversary date of enrollment. In this situation you should be aware of the rate increase, but understand you will get a letter 30-days before your anniversary date of coverage to enact the rate increase to you.

If you have a Medicare Supplement Plan you should look at the rates of all the companies before deciding to switch your plan. In some situations your rates are going way up, but it still may be very price competitive and therefore no change is necessary.

If you find another company is offering a lower rate than you are paying, I would recommend evaluating changing your coverage.

When you buy a Medicare Supplement Plan your coverage from any company is exactly the same coverage. If you buy a Plan G from Transamerica, or Globe Life, or Univera or Highmark, or UHC- you are buying the exact same coverage! I find it hard to justify paying more money for the exact same product. That statement is true no matter what Medigap Letter Plan you are talking about. The coverage is the same, it follows Medicare with the same coverage based on the letter plan you choose. You choose the level of coverage you want (Letter Plan) and then buy it from the least expensive company.

The other important thing to remember is that in New York State the Medigap plans are always open enrollment, so you can change the plan (letter) you have and the company you buy it from any time you want. So, if you are feeling like you are paying too much, evaluate the options and switch to a more appropriate level of coverage or a more comfortable premium for your coverage needs and budget.

I know that there are some of you who “don’t want to change” for various reasons. I understand that feeling and I do not agree or disagree. But if you can save hundreds of dollars a year by switching to get that better pricing I believe it is worth considering. That is, of course, up to you.

I hope this helped to clarify the premium increases you will be seeing in 2026 with almost all the Medicare Supplement Plans. I understand that this premium increase will peck away at that 2.8% increase in your Social Security. I understand your frustration. I also am VERY confident in saying, I think you should look at other alternatives and options for 2026.

I am all about paying less when less is available and meets your needs.

Happy Insurance Season!

Janell Sluga is a Geriatric Care Manager helping seniors in our community access services and insurance. To reach her, please email editorial@post-journal.com.