Popular Medicare Supplements in Mississippi

Share this Content

Popular Medicare Supplements in Mississippi – The first question we get asked by new Medicare beneficiaries is, “What’s the best coverage I can get?” With the cost of healthcare today, it’s no wonder people ask this question. There is no one-size-fits-all in Medicare. However, if you want predictable costs and the freedom to choose your care, you can’t go wrong with a Medicare Supplement plan.

Before you enroll, you need to know how a Medicare Supplement works, when you can apply, and which plans are right for you. Let’s review all these things today.

How Do Medicare Supplements Work?

Medicare Supplements are also called Medigap plans. They serve as a secondary form of insurance, with Orignal Medicare (Parts A and B) acting as your primary insurance. The reason most people choose this secondary insurance option is because there are so many leftover costs with Original Medicare. You’ll have deductibles, copayments, and coinsurance amounts. What’s more, there is no limit to your financial responsibility. This is in stark contrast to group health plans, which often have an out-of-pocket limit.

If Medicare approves a claim, both Original Medicare and your Medigap plan will help pay for the service. The leftover costs that your Medigap plans pays will depend on which specific plan you have. The most popular Medigap plans in Mississippi pick up most of the remaining costs.

Senior Man Working at Flower Market with Medicare supplements
Your IEP is the best time to enroll in a Medigap plan because you’ll have guaranteed issue rights during that time.

Medicare Supplement Enrollment

You must be enrolled in Part A and Part B to be eligible for a Medicare Supplement plan. The first time you’re allowed to enroll is during a 7-month window around your 65th birthday, called your Initial Enrollment Period or IEP.

Your IEP is the best time to enroll in a Medigap plan because you’ll have guaranteed issue rights during that time. That means you can choose any plan with any company, and they cannot deny coverage based on your current or past health history. If you try to enroll outside of this window, you may not be approved for coverage.

However, you can delay Medicare enrollment past the age of 65 if you have credible coverage in place. Typically this comes in the form of an employer-sponsored group health plan. If you decide to postpone Medicare, be very sure that your current plan is credible. Otherwise, you may not be able to get a Medigap plan, and you’ll likely be paying late-enrollment penalties.

Popular Medigap Plans in Mississippi

There are currently about ten Medigap plans available, though all ten are not available in every state. Plans are identified by a letter of the alphabet and include Plans A, B, C, D, F, G, K, L, M, and N. There are also high-deductible versions of Plans F and G. Let’s look at the three most popular options.

Plan G

Plan G is currently the most popular choice in Mississippi and the rest of the United States. It picks up all costs that remain after Original Medicare pays, except for the Part B deductible. To be eligible for Plan G, you must be enrolled in Parts A and B.

The average premium for Plan G is between $100 – $140, depending on your age, gender, zip code, and tobacco use.

Plan F

Until a couple of years ago, Plan F was the most popular choice. It’s very similar to Plan G, but it includes payment for the Part B deductible. However, changes were made to Plan F back in 2020. Now, you must have turned 65 prior to 2020 to be eligible to enroll in Plan F.

The average premium for Plan F in Mississippi is between $140 – $180 per month.

Plan N

Plan N is a great option for individuals who want lower premiums and don’t mind a few copayments throughout the year. Like Plan G, it does not include coverage for the Part B deductible. It also does not pay any Part B excess charges. However, excess charges are rare as most providers accept Medicare. Lastly, Plan N enrollees will need to pay up to $20 for every doctor’s appointment and up to $50 for an emergency room visit.

The average premium for Plan N is between $80 – $100 per month.

Which Medicare Supplement Is Right for You?

The choices you have to make when transitioning into Medicare can feel overwhelming and a bit daunting. Choosing the wrong plan could cost you hundreds of dollars a year. It’s certainly not a decision you want to take lightly!

But how do you know which one to choose?

If you’ve already decided you prefer Medicare Supplements over Medicare Advantage plans, your decision is going to come down to premiums. If you aren’t eligible for Plan F, you’ll probably need to choose between Plan G and Plan N. Then, it’s just a matter of deciding if you’re willing to risk the copayments required in Plan N. Do you see your doctor often? If so, those copayments could add up quickly. But, if you’re healthy and rarely need medical care, Plan N might be a great choice.

You don’t have to make these big decisions alone. Our Medicare advisors have helped thousands of beneficiaries choose plans and will help you feel more confident in your decision. We’ll review the pros and cons, shop around for prices, and help you through the enrollment process. There is absolutely no cost to work with us, and you’ll have peace of mind if you do. Call today to speak with one of our licensed agents.


Related Blog Posts

Picture of Justin Brock

Justin Brock

President & CEO of Bobby Brock Insurance