Medicare Supplement Plans in Arkansas
Without this coverage, beneficiaries are susceptible to losing a large amount of savings to medical bills. 20% can be way more than you’ve been preparing to pay; especially when the overall bill is tens of thousands of dollars.
Let’s take a look at how much Medicare cost without a supplement and compare it to the costs of Medigap.
Arkansas Medicare Supplement Plans
Let’s say Sammy has Medicare as well as Part D prescription coverage; he believes this is adequate because Medicare says it covers inpatient and outpatient services. Then, after purchasing Part D, he believes all his coverage needs are met.
However, Sammy is exposing himself financially by not having Supplemental coverage. See, Sammy has Cerebrovascular Disease and doesn’t know it; until one day when he’s out and has a stroke.
His wife calls the ambulance that takes him to the hospital for admission.
Well, Sammy discovers the ambulance costs $185 to cover the Part B deductible. Then, he pays 20% of an ambulance that costs several thousand dollars depending on mileage.
Well, the Part A inpatient care deductible is $1,365 per benefit period. Then he pays 20% of the total hospital bill; which on average costs patients about $15,000 per stay.
This is the fifth most frequent cause of death and one of the more expensive hospital visits. Can you imagine the kind of dent this debt would put in a savings account? Years of hard work spent on avoidable medical bills.
Now, if only Sammy had Medigap Plan G coverage; he wouldn’t need to worry about the Part A deductible or the 20% Medicare doesn’t cover.
Medicare Advantage in Arkansas
Part C plans are Medicare Advantage policies. This coverage will replace Medicare by handling your claims and requiring you to follow certain guidelines. MA plans will provide beneficiaries with more benefits than standard Medicare.
MA plans require copayments, deductibles, and coinsurances just like Medicare; except they determine the amount instead of Medicare. The coverage is required to be as good as Medicare though.
Medicare doesn’t have a Maximum Out Of Pocket (MOOP) and MA policies do have this benefit. The MOOP is an amount that you won’t pay more out of pocket than.
If the MOOP is $10,000; then, the most you can pay on covered services for the year is ten thousand dollars.
Once you reach the $10,000 amount the plan pays 100% of covered services. This is more protection than Medicare offers. Medigap, however, requires little out of pocket expense and can provide more long term benefits.
Remember, the best policy for Sammy isn’t always the best policy for you. Consulting one of our licensed insurance brokers ensures the best rate with the best carrier.
Medicare Prescription Drug Plans (PDP)
Some MA plans include PDP coverage and we call this a Medicare Advantage Prescription Drug plan (MAPD). Although, stand-alone Part D plans are available for very low rates in almost all areas.
Any other drug coverage needs to be at least as good as Medicare’s; we call this “creditable coverage”. If you don’t have creditable coverage, you could be charged a Part D late enrollment penalty.
The most suitable Part D plan for Sammy might not be sufficient for your needs.
When looking at coverage options the premium and the copayments should both be considered. The copayments for a drug with one company could be totally different for the same drug on another policy.
Beneficiaries can enter in their list of drugs and compare Part D policies on Medicare’s website.
Talking with one of our brokers can make the experience of finding coverage easier and less of a hassle. For your free consultation contact us at the number above.
Medicare Resources in Arkansas
For low-income beneficiaries, there are additional options for Extra Help with prescription drugs available.
Some people benefit from the Medicare Savings Program (MSP), if you qualify for MSP then you automatically 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.
Best Arkansas Medicare Supplement Plans
Medigap Plan F, G, and Plan N are the most commonly selected coverage options. Across the nation, these plans offer the same benefits. Plan F in Arkansas is the same coverage as Plan F in any other state.
Also, Medigap beneficiaries can receive care from any doctor in the nation that accepts Medicare. The amount you pay out of pocket will depend on the policy you select.
Plans with higher coverage limits will cost more than plans with lower coverage limits. Talking with an agent can make plan selection easier.
Arkansas Medigap Under 65
Beneficiaries under 65 may have trouble finding Medigap in Arkansas. State laws don’t require insurance companies to offer under 65 beneficiaries Medigap coverage for any plan.
Most companies don’t offer Medigap to under 65 beneficiaries; the best option will be Medicare Advantage coverage until you turn 65 years of age.
MA coverage is a great way to protect yourself while you wait for Guaranteed Issue (GI) rights.
Eligibility for Medicare Supplement Plans in Arkansas
Upon turning 65, you’ll have entitlement for GI rights; this allows you to enroll in any Medigap policy without denial or increased premiums.
This GI during the Medicare Supplement Open Enrollment Period (OEP) is a one time opportunity; once the enrollment period passes, you may never see it again.
Now, anyone can apply for Medigap coverage anytime; however, after OEP the insurance company can issue a denial or increased premium.
Beneficiaries leaving employer coverage to qualify for GI rights to purchase Medigap.
Cost of Medicare Supplement Plans in Arkansas
Most Medigap plans cost around $150 to $200 a month; however, there is little to no out of pocket expenses and the coverage is good almost anywhere.
No need for a referral or doctor network, Medigap has it all. Can you imagine paying tens of thousands of dollars at the hospital after a Cerebrovascular Accident or Stroke? I can’t imagine the feeling of my savings account running low because of medical bills.
Get the protection you need and deserve by enrolling in Medigap today!
Arkansas Medicare Supplement Plan Enrollment
The enrollment process is telephonic; the days of an agent coming to your home or you leaving your house are over. This is the digital era and we make the process easier than cake.
Call an agent at the number above! Or fill out an online rate form today and discover rates now!
Paying a little today can save you a lot tomorrow.
After your policy is in place our client care team will be here for the life of your policy. Even if you need to shop around; just give them a call and they can help you with a new policy.
They even walk you through submitting a claim or appeal. Being a policyholder through us gives you the best Medigap customer service.