Popular Medicare Supplements in Wyoming – Medicare beneficiaries who want to minimize their healthcare costs often choose to enroll in a Medicare Supplement, or Medigap, plan. These policies are a great way to fill in the “gaps” of Original Medicare. Wyoming residents have several options when it comes to Medigap plans, and today we’ll discuss the most popular choices.
First, let’s talk about how Medicare Supplements work and when you can enroll.
How Medicare Supplements Work
If you’ve started learning about Original Medicare (Parts A and B), you know there are quite a few out-of-pocket costs. You’ll be responsible for large deductibles, copayments, and coinsurance amounts. Plus, there is no limit to your out-of-pocket responsibility. Parts A and B do offer great coverage, but it simply won’t be enough when you’re facing medical bills.
Medicare Supplement plans act as secondary insurance. After Original Medicare pays its portion, your claims get sent to the supplement carrier for payment. How much the supplement pays depends on which of the plans you choose to enroll in. The most popular Medigap plans in Wyoming pick up nearly all the remaining costs.
When to Enroll in a Medicare Supplements
Most people are surprised to find out that they can enroll in a Medigap plan at any time during the year. Of course, there is a catch to that, which we’ll explain. The best time to enroll is as soon as you are eligible or you lose credible coverage.
You can enroll in a Medicare Supplement as soon as you have enrolled in Medicare Parts A and B. Your first opportunity for this is during your Initial Enrollment Period (IEP). Your IEP is a 7-month window that begins three full months before your 65th birthday and ends three full months after your birthday month. If you enroll during this time, you have guaranteed issue rights to any Medigap plan of your choice. Insurance companies cannot deny coverage based on current or past health conditions.
You also have guaranteed issue rights if you postpone Medicare enrollment past the age of 65 but have other credible coverage in place, like if you are covered under an employer’s plan. Make very sure your employer’s insurance is “credible” before postponing enrollment; otherwise, you could face paying Medicare penalties.
Outside of those two enrollment times, you may not be able to enroll in a Medigap plan if you cannot pass medical underwriting. Some states have more freedom than others, but in Wyoming, it’s best to apply right away.
Popular Medicare Supplements
Now that you know what a Medicare Supplement is, it’s time to decide which plan is right for you. There are ten plans, though not all of them are available in every state. The ten plans 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 take a closer look at the three most popular Medigap plans in Wyoming.
Up until a couple of years ago, Plan F was the most desired Medigap plan. It picked up every cost left by Original Medicare. Plan F policyholders had virtually no out-of-pocket medical expenses. Unfortunately, it is only available to people who turn 65 before 2020.
Don’t be too upset, though! The premiums for Plan F were higher than any other supplement and continue to increase each year. At this point, the premiums do not outweigh the added benefits. Instead, we recommend either Plan G or Plan N.
Plan G is nearly identical to Plan F, with just one minor difference. Plan G does not pay the Part B deductible. However, there are no age restrictions for enrollment, and premiums are lower than Plan F.
Plan N has the fastest-growing pool of beneficiaries. Like Plan G, it does not pay the Part B deductible. It also does not include coverage for any Part B excess charges. An “excess charge” is any amount over and above the Medicare-approved amount for a service. Providers who do not wish to accept Medicare assignments can include an additional 15% excess charge. In addition, Plan N requires enrollees to pay copayments for doctor’s office visits (up to $20) and emergency room visits (up to $50).
How to Choose a Medicare Supplement Plan
You need to know one more thing about Medicare Supplements. They are standardized plans. What does that mean? Standardization means that every plan is the same, no matter which insurance companies sell it or where you live. For example, Plan G in Wyoming with ABC Insurance is the exact same thing as Plan G in Montana with XYZ Insurance. This is why it’s so important to work with an independent insurance brokerage that can compare plans across multiple companies and find you the most competitive rate. There is no sense in paying more for the same coverage!
To decide which Medigap plan is right for you, chat with one of our Wyoming Medicare advisors. We’ll give you quotes from different carriers, help you search for household discounts, and submit your applications. You don’t pay a dime to work with us, so let us do the hard work for you. Call to schedule your appointment today.