Georgia Medicare Supplement plans provide beneficiaries financial relief from the costs of deductible, coinsurance, and copayments. Most states all have the same set of federally rated guidelines to go by.
Medicare Supplement Plans in Georgia
The best time to enroll in a Medigap plan is during your Medicare Supplement Open Enrollment Period. At this time, you have 6-months to use Guarantee Issue rights when enrolling.
After this period, going through underwriting could be a requirement. However, you can still enroll at any time of the year.
The top Medicare Supplement plans are Plan F, Plan G, and Plan N. There are a variety of plan options because everyone has different healthcare and budget needs.
How are Medicare Supplement Rates in Georgia Calculated?
The amount you save between plans varies depending on your location, age, and the company you select.
Location, location, location
The price of a Medigap plan in Atlanta is different than the cost of the same Medigap policy in Savannah.
For example, a 65-year-old Female in Savannah could pay about $39 a month for High Deductible Plan G. However, the same woman in Atlanta could spend more than $50 each month.
While an $11 a month difference doesn’t sound like much, after the year, it’s $132 more for the same coverage just in another location.
Age can play a role in the cost of your insurance
A 65-year-old man in Atlanta could pay about $110 a month for Plan N. Although, a 75-year-old man buying the same policy could spend more than $130 a month.
The state of Georgia requires issue-age ratings for policies; although, insurance companies have the option to choose community ratings. In community rating, age doesn’t influence cost, though the price could be higher than other comparable plans.
The company you choose impacts short and long term expenses.
Using an agent that represents the top carriers in the nation benefits you on multiple levels. For example, an agent is familiar with rate increases, possible discounts, and overall client satisfaction with those companies.
Various companies offer discounts for a spouse or household policyholders. When you work with one of our agents, they’ll discuss all these things with you.
What are Georgia MedicareSELECT Plans?
Some people are comfortable with a policy that has a network of doctors. For those people, MedicareSELECT is an option to benefit from quality coverage at a lower premium.
MedicareSelect is different from an advantage plan in the aspect that advantage plans leave you 100% responsible for costs out of network, even when the doctor accepts Medicare.
On the other side of the spectrum, these plans don’t replace Medicare, so, when you go out of network Medicare still covers 80% of the costs. You’re allowed to switch from a SELECT plan to a standard plan anytime, so long as the coverage is equal to or less.
Medicare Advantage Plans in Georgia
37% of residents on Medicare have an advantage plan.
These plans are notorious for covering things Medicare would deem unnecessary, including gym memberships, prescription coverage, basic dental, vision, and telehealth services.
With a $0 premium on most plans, it’s no wonder why so many opt for this coverage. However, if you know insurance, a low-cost plan doesn’t mean high-quality benefits.
Basic dental means you could get your cleaning done, but you’re likely going to paying out of pocket for a root canal or dentures.
For most people, it’s more beneficial to purchase a stand-alone dental policy with a small premium.
I’m NOT saying Medicare Advantage plans are bad; however, I will say they aren’t for everyone.
What if the cost of Medigap premiums in Georgia is Out of My Budget?
If Medigap is outside your budget, Medicare Advantage is better than no coverage. The reason I say this, advantage plans have a Maximum Out of Pocket to protect you from spending tens of thousands of dollars in coinsurance payments.
Medicare, on the other hand, doesn’t care how much you spend; if you have a $100,000 cancer treatment, you better be ready to cover $20,000 in coinsurances.
Are there Medigap Plans for those Under 65 in Georgia?
Beneficiaries under 65 can buy Medicare Supplement insurance; however, it’s likely only to be Plan A. The price is typically astronomical for those under 65 because claims are generally higher for a person on disability.
Until you turn 65, Medicare Advantage could be the answer to more affordable healthcare. In some areas, Medicare Advantage Special Needs Plans are available for those with chronic conditions such as heart issues or diabetes.
Georgia Medicare Part D Prescription Drug Plans
Since Medicare Supplements don’t include prescription drug coverage, many beneficiaries choose to enroll in Part D.
Most Part D plans have a deductible; however, if you’re willing to pay more than $60 a month, you can avoid a deductible all-together.
Most people don’t take the same medications as their spouse, so it’s unlikely the best drug plan for you is suitable for your partner.
How to Sign Up for Medicare in Georgia
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