Medicare Supplement Plans in Illinois

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Medicare Supplement plans in Illinois offer the same benefits as other Medigap coverage across the nation. Selecting Medigap means enrolling in a safety net that protects your finances during retirement. With multiple Medicare options in Illinois, we’ll go over what you need to know below to make the best decision on your healthcare coverage.

Guide to Illinois Medicare in 2020

What does Medicare Cover in Illinois?

Just like every other state, Medicare coverage in Illinois is standardized by the government. It’s divided into 4 parts and includes supplemental options like Medigap, Medicare Advantage, and Part D. Coverage includes inpatient, outpatient, and prescription drugs depending on the coverage you choose to enroll in.

What are the Best Medicare Supplement Plans in Illinois?

There are ten letter plans to consider when choosing a Medicare Supplement plan. Coverage for Plan N in Peoria will be the same for Plan N in Schaumburg; the difference will be the cost.The top supplement plans in Illinois are Plans F, G, and N. These are the same top policies across the United States. People choose Plan F because it offers first-dollar coverage. However, this policy is going away in 2020 for newly eligible beneficiaries.

Plan G is like Plan F; although, the beneficiaries with Plan G pay their own Part B deductible.

Plan N is like Plan G; the deductible is a must, Part B excess charges aren’t covered, and beneficiaries have copayments when visiting the doctor or ER.

Under 65 Medigap Eligibility in Illinois

State laws require insurance companies to offer Medigap coverage to beneficiaries under 65. If you apply for coverage in the 6-months after your Part B effective date, you won’t answer health questions.

This is called the Medigap Open Enrollment Period. This is an essential time for beneficiaries with a disability to apply for coverage; they might not qualify outside of OEP.

How does Medigap Work in Illinois?

Let’s say Jared has Medicare alongside Part D. Jared is in the assumption that his coverage is complete; however, he’s financially at risk.Jared develops atrial fibrillation and takes an ambulance to the hospital; he’ll likely become inpatient for at least several days. Well, the average cost per stay is over $10,000.

So, the ambulance costs him the $198 outpatient Part B annual deductible. Then 20% of the costs over the deductible amount.

The hospital expenses would be $1,408 for the inpatient Part A deductible. Jared also pays 20% of the remaining hospital bill balance.

This could easily cost him over $3,000 out of pocket. Now, let’s say Jared has Plan G; he pays the Part B deductible and his monthly premium. The rest is the plan’s responsibility.

Illinois Medicare Supplement Premium Comparison Guide

Premiums for Medigap plans vary from person to person. What Sam pays in monthly premiums down the street is not what Jared would pay. Depending on the letter plan you choose, the monthly premium for a Medigap plan in Illinois could cost anywhere between $40-$300 per month.

Premiums in Rockford will vary from those in Chicago. Most of the Medigap policies in this state increase as you age. Some plans are based on your age when you buy coverage and only increase because of inflation.

Just because this year’s premium is low, doesn’t mean it’ll be the lowest premium next year. Selecting a reliable company with steady rate increases will save you the most money.

If a lower premium is important to you, Plan N could be the best solution for your situation. Beneficiaries that want the best value could be happiest with Plan G.

Plan G historically has lower rate increases than Plan F; also, Plan G costs several hundred dollars less a year than Plan F.

If this does not fit into your budget, and you’re okay with spending more money out of pocket in cost-sharing vs. premiums, then a Medicare Advantage plan may be a good option for you.

Illinois Medicare Advantage Plans

Medicare Advantage in IllinoisIn 2019, 23% of Illinois beneficiaries chose to enroll in a Medicare Advantage plan.

While Medicare Advantage plans have cheaper premiums, they have more restrictions and coverage limitations.

This type of policy offers more of a safety net than Medicare; however, Medigap offers complete coverage.

Let’s say Jared has Advantage coverage when atrial fibrillation occurs. Well, the ambulance will cost about $300 in copayments. Then, inpatient hospital care costs about $400 a day for days 1 to 5.

So, Advantage plans could cost several thousand dollars if in the hospital. However, the plan has what we call the Maximum Out Of Pocket or MOOP.

The MOOP is an amount that a beneficiary can’t pay more than; so, if the MOOP is $6,700, the most the recipient can pay out of pocket is $6,700 in the year.

Medicare doesn’t have a MOOP; so, there’s no limit on out of pocket costs with Medicare. Medigap covers most of them out of pocket expenses; a MOOP isn’t necessary unless it’s Plan K or Plan L.

Top-Rated Medicare Advantage Plans in Illinois:

  1. Humana Gold Plus (HMO)
  2. Aetna Medicare Value (PPO)
  3. AARP Medicare Advantage Walgreens (PPO)

Illinois Prescription Drug Plans

Illinois Medicare Part D Prescription Drug PlansPart D policies are affordable; some start as low as $15 a month.

However, just because the premium is low, doesn’t mean the policy will cost you the least amount annually.

Let us say Jared pays a $90 copayment on his medication with the $15 a month policy.

Well, if he enrolls in the $40 a month premium policy, his prescription is only a $40 copayment.

Paying more each month in premiums saves Jared the most money during the year because it lowers his out of pocket costs.

Top-Rated Part D Plans in Illinois:

  1. SilverScript Choice
  2. SilverScript Plus
  3. Cigna-HealthSpring Rx Secure-Essential

How to Compare Medicare Plans in Illinois

Comparing policies in your area is the only way to ensure you enroll in the best policy. Every person is different; the best plan for Jared isn’t likely to be your best policy.

Companies charge different rates in different areas. So, the most competitive company in one area could be more expensive somewhere else.

Our brokers take into consideration your current situation and your future possibilities. Let us help you discover the best Medigap coverage.

Call an agent at the number above or fill out an online rate form. We care about getting you the policy with the most value; this will save you time, effort, and money.

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