Medicare Supplement Plans in Arkansas

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Arkansas Medicare Supplement plans are one of the many options possible for beneficiaries.  Depending on budget and healthcare needs, one policy could benefit you more than another.

Over 20% of people in Arkansas have a Medicare Advantage plan, and over 35% have a supplement. Others may have employer retirement coverage or Medicaid.

There are many different options available, but it comes down to one question, do you want to pay now or later?

Below we discuss everything you need to know to make an informed choice.

Arkansas Medicare Supplement Plans in 2020

Anyone with Arkansas Medicare Supplement coverage knows these plans are full of great perks. First, the freedom to see any doctor that accepts Medicare without a referral.

Second, never worrying about extreme coinsurance costs or extended hospital stays. Medigap leaves you with a manageable monthly amount for peace of mind in retirement.

Private insurance companies sell Medicare Supplement plans in Arkansas. Many policies cover the Part A deductible, Part A coinsurance, first 3 pints of blood, hospice, and the Part B coinsurance.

Although, there are plans that cover Part B excess charges, foreign travel emergencies, and more.

The ten Medigap options range from Plan A to Plan N. The federal regulations for supplements make comparing plans easier.

For example, Plan G with Humana has the same benefits as Plan G with Aetna; the differences will be in cost.

With a Medigap policy, you pay your monthly premiums and worry less about paying for health costs later.

Best Medicare Supplement Plans in Arkansas

Medicare isn’t “one size fits all,” the best Medigap plan for your neighbor likely isn’t the most suitable plan for you. Although, most people buy either Plan N, G, or F.

Let’s say Sam has Plan F; he hardly goes to the doctor, and his premium is costly because Plan F is comprehensive coverage. Well, Sam may have too much insurance.

Sam could enroll in Plan G, pay the Part B deductible himself and at least save a little bit of money for the year.

Now, Sam’s neighbor Tom has Plan N. Tom sees a specialist that doesn’t accept Medicare; he pays 15% Part B excess charges each time. Additionally, he has a $20 copayment.

Tom might have a lower premium, but the out of pocket costs seem never-ending. If Tom had Plan G, he wouldn’t worry about copayments or extra charges.

Depending on your needs and budget, the best plan for you could be Plan N, G, or F. Some people save the most money by opting for a High Deductible policy.

In 2020, High Deductible Plan G hit the market, and it’s looking like a winner! The coverage is the same as Plan G, except there is a deductible of $2,450.

That might seem like a lot, but Medicare covers preventive services, and someone in good health could save a lot of money by choosing this route.

When you choose a high deductible plan, it’s essential to consider how those costs can affect you later.

Arkansas Medicare Supplement Eligibility

Once you turn 65 and have Part B, you qualify for the Medigap Open Enrollment Period, which lasts for six months. During this time, you can enroll in Medigap without worrying about underwriting.

Also, this enrollment only happens once, so many agents tell you to buy a policy during this time. Failing to enroll during the OEP could result in policy denial or a higher premium amount.

Although, if you recently moved or lost coverage, you may qualify for Guaranteed Issue rights! While this allows you to waive underwriting, it limits the plan options available.

Instead of having ten options, you may only have four.

For those on Medicare awhile, you may be eligible for Medigap; you’ll need to answer questions about pre-existing conditions. Many people with health issues still qualify.

If you’re new to Medicare, it’s best to work with an agent to determine the best policy and company for you!

Cost of Medicare Supplement Plans in Arkansas

Little Rock, Arkansas Medigap policies follow community ratings. So, everyone on the same company and letter policy pays the same for coverage no matter age.

Although, for some companies, smokers will have a higher monthly premium. Further, some offer household or spouse discounts, ranging from 7% to 12%.

A 65-year-old non-smoker could pay as little as $46 a month or over $200 for a Medigap plan, depending on the policy and company.

So, if Tom and Sam are both 65 with Cigna Plan G, they pay the same premium!

Most companies have annual premium increases, working with an agent means you’re more likely to select a company with lower rate hikes.

Voluntary Loss of Employer Group Coverage

In the state of Arkansas, you can drop employer coverage and qualify for Guarantee Issue rights. Also, there are no conditions.

Your employer doesn’t need to lower benefits or even be primary to Medicare. If leaving your group plan is what you want to do, go for it!

Although you should put serious thought into this, once you leave the plan, you might not be able to return.

Proceed with caution; make sure your new plan is, in fact, the most suitable option for you.

Arkansas Medicare Supplement Enrollment

Enrolling in a Medicare Supplement is simple with the help of an insurance agent. Our experts will ask you a series of questions about your budget and ideal health policy.

Our agents work with the top carriers in the nation to bring you the lowest rates in your area. The agent can go over several options.

Then, once you choose your plan, the agent walks you through the process. The application can happen over the phone, saving you time and money.

Let’s say Tom enrolls himself in Medigap and then chooses the wrong enrollment period. An error like this could cause a significant delay in coverage.

While it may seem easier to self-enroll, you want an agent in your corner.

Arkansas Medigap Under 65

State laws don’t require companies to offer people under 65 Medigap coverage. If you’re on disability Medicare, an Advantage plan could provide you with financial relief.

There are some Advantage plans made for people with chronic conditions; this is a Special Needs Plan. If one is in your area and you qualify, you can apply today!

If not, there may be standard Advantage plans available with plenty of bells and whistles.

Once you turn 65, you’ll be able to enroll in Medigap during your Open Enrollment Period. DO NOT miss this enrollment opportunity; it’s once in a lifetime!

Medicare Advantage in Arkansas

If an “all-in-one” policy is the plan your neighbor has, it’s likely an Advantage plan. You may have heard someone say, “Medicare Advantage plans are bad.”

These plans aren’t “bad,” they aren’t great either. See, these plans have limitations, restrictions, networks, and referrals.

It’s common for an Advantage plan to deny a claim or make you jump through hoops for coverage. What do you expect from a $0 plan?

These are all issues Medigap eliminates. However, not everyone can afford Medigap coverage. Medicare Advantage and supplement plans each serve a purpose.

If affording Medigap is out of the question, or you don’t qualify, at least consider a Medicare Advantage plan. The Maximum Out Of Pocket protection alone is worth the $0 premium.

For example, if the Maximum Out Of Pocket is $6,000, the most you pay on services is $6,000 for that calendar year. After you meet that amount, the plan pays in full.

Not all plans have a $6,000 Maximum; some options are much lower while others are much higher. The highest rating of Advantage in Arkansas is 4.5 stars for 2020.

Aetna has a PPO available in many counties with the lowest out of pocket max being $3,300.

Either way, some coverage is better than none.

Medicare Prescription Drug Plans (PDP)

When it comes to insurance, especially Part D, don’t judge a policy by its premium. The best Part D plan for you is the option that gives you the most value.

For example, Tom has ten Medications and chooses the cheapest premium plan. Well, Tom doesn’t realize he takes four brand name meds, and one isn’t on the formulary.

Well, the first problem is the out of pocket expense for a drug that doesn’t have coverage. The estimated retail cost of Humalog is over $300 without insurance or a coupon.

Then, the three brands cost at least $50 each or more. Then, the other six medications cost between $1 and $20 each.

Let’s say Tom pays $15 a month for the plan; then, he spends over $500 a month for his drugs. Well, Tom doesn’t see much value in his plan.

Now, Tom has a more comprehensive policy; while the premium is well over $100 a month, the out of pocket costs are less than $250 a month for ALL his drugs before the donut hole.

A better candidate for the $15 Humana plan would be Sam because he has no severe health issues and no brand name medications.

Arkansas-Medicare-Part-D-Prescription-Drug-Availability

Medicare Savings Program in Arkansas

For low-income beneficiaries, there are additional options for Extra Help with prescription drugs available. Some benefit from the Medicare Savings Program; if eligible, you qualify for Extra Help.

Senior Health Insurance Program (SHIP) is counseling that’s available in each state; this benefit is for Medicare recipients and their family members.

If you have Medicare or you’re about to enroll in Medicare, consider following the CMS Newsroom for information on Medicare-related topics.

Commonly Asked Questions and Answers:

How to Apply for Medicare in Arkansas?

Applying for Medicare is simple and can be done over the phone, online, or in person at the local social security office. Once you have the red, white, and blue card, it’s time to choose your plan!

How Long After Filing Disability will I get Medicare in Arkansas?

After two years of Social Security disability, you should get your Medicare card in the mail. Those with ESRD will get Medicare immediately.

Once on Medicare, many under 65 choose Advantage coverage and then transfer to Medigap upon turning 65, although your situation may be different.

Who Do I Talk to About Medicare in Arkansas?

Our agents do more than enrollment; they educate and understand. When you have a concern or question, our whole team has your back.

Give us a call at the number above to get started today! Can’t call now? Fill out the online rate comparison form to see the savings your missing!