Kentucky Medicare Supplement Plans

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Medicare Supplement Plans in Kentucky give complete coverage to Traditional Medicare for comprehensive coverage. Since Medicare only covers 80% of medical claims, having additional insurance protects you from 20% of an outrageous number.

The average cost of a surgical or medical complication is over $13,000! When coding an inpatient service, the beneficiary pays the first $1,408 Part A deductible and 20% of the remaining balance. In total, it would cost the recipient almost $4,000!

Now, Medicare Supplement coverage provides financial relief for out of pocket expenses. Beneficiaries can purchase plans through private insurance companies and avoid having to pay 20% of an outrageous number!

Medicare Supplement Plans in Kentucky in 2020

Let’s say Rita has Traditional Medicare only because she believes this coverage is sufficient. Well, Rita doesn’t realize how much 20% responsibility will cost.

Rita doesn’t know she has Chronic Obstructive Pulmonary Disease (COPD), at least not yet. One day she’s walking her dog; then, she starts experiencing shortness of breath and chest tightness.

An ambulance rushes Rita to the hospital, where she’s an inpatient for five days.

This scenario is common for many seniors; additionally, the fear of medical costs make it difficult for Rita to focus on getting better.

The ambulance costs $198 for the Part B deductible. Then, Rita pays 20% of the remaining ambulance bill. Once she’s an inpatient client, her Part A deductible must be paid, that’s $1,408 per benefit period.

Then, Rita pays 20% of the entire hospital stay! Rita could be responsible for more bill payments than her savings allows, especially if the doctor doesn’t accept Medicare and charges her 15% in addition to the other coinsurances.

If Rita were enrolled in Medigap Plan G, the only payment outside of the premium she would pay is the Part B $198 deductible.

Paying a Medicare Supplement premium can end up being cheaper annually than one dangerous trip to the hospital.

Part A & B

Medicare is a federal program; across the nation, Part A covers 80% of inpatient services, and Part B covers 80% of outpatient services. Beneficiaries are responsible for deductibles and 20% of the total medical cost.

Prescription coverage is a benefit of Part D. You must enroll in Part D coverage to avoid a late enrollment penalty.

Part C is an Advantage plan. This policy can include Part D, always replaces Medicare, has copayments, and deductibles. These plans can end up costing more than Medicare Supplement plans.

Medigap plans cover the deductibles and 20% Medicare doesn’t cover. Depending on the policy selected, you could have little to no out of pocket costs.

Best Medicare Supplement Plans in Kentucky

Since standardizing Medigap policies is a national thing, the best plans in KY are the best plans in the nation. Also, this coverage will protect you in any state, with the same benefits you receive locally.

So, go to a specialist in Florida and pay the same as you pay at home. Medigap will cover you overseas for an emergency, too, so you can travel freely in retirement.

Medicare Supplement plans are the bee’s knees. You get the coverage that protects your savings and retirement funds. The Medigap top 3 policies in the nation are Plan G, N, and F.

So, Plan G is the plan Rita has. It requires her to pay the Part B deductible. This is a very popular plan option

Plan N also requires you to pay that deductible, and it has copayments for doctors or emergency room visits. The Doctors office is $20, and the ER is $50. Then, any excess charges will also be your responsibility. This plan is popular because the premiums are usually much lower than F or G.

Then, Plan F covers all the gaps in Medicare. Now, Plan F is going away in 2020 for new beneficiaries.

Kentucky Medicare Supplement Plan Eligibility

The best time to enroll in Medigap coverage is during the Medicare Supplement Open Enrollment Period. During this period, beneficiaries will be eligible for Guaranteed Issue Rights.

GI means that Insurance companies can’t deny or charge a higher premium because of pre-existing conditions. The Medigap OEP begins the first day of the month you turn 65; at the same time, Part B is active. This period only lasts for 6-months; every agent should be recommending a prompt enrollment.

So, if Rita is turning 65 on October 19th, her Part B and Medigap OEP both begin on October 1st. She has GI rights until March.

Now, after this Medigap OEP, Rita could still apply for coverage because Medigap isn’t included in the Annual Enrollment Period shenanigans. When the OEP and GI eligibilities are over, beneficiaries statistically pay a higher amount. Some may even experience denial.

Medicare Supplement Plans in Kentucky for the Beneficiary Under 65

Certain people under 65 will be eligible for Medicare because of a disability. Each state dictates the guidelines for Medigap coverage to under age 65 beneficiaries.

Medigap plans aren’t required to be sold to Kentucky beneficiaries under 65, and insurance companies that do sell to under 65 recipients can charge higher premiums to those people.

It usually makes more sense to select Advantage coverage until you turn 65; then, once you’re turning 65, you’ll have GI rights and can choose any policy without concern of denial.

Kentucky Medicare Advantage Plans

Medicare Advantage in Kentucky

In 2019, 31% of Kentucky beneficiaries chose a Medicare Advantage plan. Advantage coverage can cost anywhere from $0-$100 a month in KY. Let’s say Rita goes with a $0 premium plan instead of Medicare because she thinks it’ll save her money.

Well, the same dog walking COPD incident as before occurs. When the ambulance picks her up, the copayment is $260 for her ride to the hospital. Then, the inpatient hospital visit costs $275 EACH DAY for days 1-7, or $1,925 for a week in the hospital.

Advantage coverage offers the Maximum Out Of Pocket (MOOP), which protects beneficiaries from paying over a certain amount, usually about $6,500 annually.

Well, with Medigap plan G, Rita pays about $100 a month and doesn’t worry about inpatient hospital expenses. MA coverage is better than no coverage; however, Medicare Supplement plans offer the most comprehensive benefits.

Now, Advantage plans do benefit those under 65, and we’ll discuss that more below.

Medicare Part D in Kentucky

Kentucky Medicare Part D Prescription Drug PlansBeneficiaries that don’t require medication will still benefit from drug coverage.

When prescribed an antibiotic or other occasionally necessary prescription, it’s good to have coverage.

Also, those that don’t select coverage as soon as possible could incur a Part D Late Enrollment Penalty.

However, most people can find a PDP for less than $20 a month.

Now, just because it’s the cheapest premium policy, doesn’t mean it’s the BEST policy for your needs.

Let’s say Rita’s inhaler costs $100 on the $20 a month plan; then, it only costs $35 on the $40 a month plan.

Well, Rita saves the most money by selecting the policy with a higher premium and lower copayment.

This is the kind of thing an agent will consider when finding your perfect policy match.

Agents identify the most suitable plans for each individual.

Kentucky Medicare Resources

Everyone should follow the CMS Newsroom for updates on Medicare-related information.

Beneficiaries can find help through the customer assistance program, the State Health Insurance Program (SHIP), and the Kentucky Prescription Assistance Program by visiting these websites.

Coverage comparison is easy on Medicare’s website. If you need help paying for medical costs, the Medicare Savings Program (MSP) can help.

Beneficiaries that don’t qualify for MSP may still be eligible for Extra Help paying for drugs.

Let Us Help You Enroll in a Kentucky Medigap Plan

Enrolling into a Medigap policy is as easy as cake; just call an agent at the number above or fill out an online rate form. Our agents dedicate themselves to helping clients create an ideal Medicare policy.

We help people like Rita every day. Let us help you too!

Medigap policies protect you against rising medical expenses. This also protects your retirement and savings funds.

Also, when you choose to complete enrollment with us, we’ll be here for you for the life of your policy. Our client care team is here to answer questions, review coverage, assist with appeals, and help with claims.

Good coverage is only useful when customer service is excellent, and we know you’ll be happy with our care.