Medicare Supplement Plans in Illinois
Original Medicare can leave beneficiaries with high out of pocket costs; deductibles, copayments, coinsurances will be a requirement. Medigap can protect you from an expensive medical condition or issue.
Guide to Illinois Medicare Supplement Plans in 2020
Let’s say Jared has Medicare alongside a Part D medication policy. 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 Medigap Plan G; he pays the Part B deductible and his monthly premium. The rest is the plan’s responsibility.
Medigap gives beneficiaries more than coverage; they provide peace of mind.
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 Medigap 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.
Qualifying for Illinois Medigap Plans
The best time to enroll in Medigap is during the Medicare Supplement Open Enrollment Period (OEP). During the OEP, beneficiaries have entitlement for Guaranteed Issue Rights.
GI rights allow you to enroll without answering health issues; insurance companies can’t deny you or charge a higher premium because of health issues.
As you can imagine, this is the best way to qualify for Medigap coverage.
You can apply for Medigap anytime, although, outside of OEP, you may need to qualify medically. Most seniors will medically qualify; although, a higher premium is most likely outside of OEP.
To ensure you get the lowest premium on the best policy, enroll as soon as possible.
Those that have Medicare and are losing Medicaid status are eligible for GI rights through New Era.
If your employer coverage is primary to Medicare, you qualify for GI rights when you voluntarily leave your coverage.
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.
GI forbids insurance companies for charging you a higher premium or denying your policy based on health issues. This is an essential time for beneficiaries with a disability to apply for coverage; they might not qualify outside of OEP.
Illinois Medicare Advantage Plans
In 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.
Medicare Prescription Drug Plans
After going 63 consecutive days or more without prescription drug coverage, a penalty occurs.
The penalty will last for as long as you have Part D.
To avoid the penalty, enroll in medication coverage as soon as possible.
Beneficiaries can pre-enroll, this has Part B, and Part D becomes effective on the same day.
Medication 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.
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.
Illinois Medicare Resources
The Senior Health Insurance Program (SHIP) is a resource that helps beneficiaries understand benefits.
All beneficiaries should read the CMS Newsroom regularly. To apply for Medicare, contact Social Security.
Illinois Medicare Supplement Premium Comparison Guide
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.
When you work with a broker, they’re familiar with each top carrier rate increases over the years. Medigap is about saving money in the long term.
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, the Medicare Supplement 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.
Compare Medicare Supplement Plan Rates 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.