Louisiana Medicare Supplement Plans (Medigap)
The Medigap policy can cover all the gaps of Medicare; leaving beneficiaries with little to no out of pocket costs. This is especially great for people with health issues.
Imagine, never paying a copayment at the hospital or a deductible at the doctor’s office. Medicare Supplement plans offer coverage that pays when Medicare pays and it’s easy to understand coverage doesn’t change annually.
Louisiana Medicare Supplement Plans
Let’s say Bruce enrolls in standard Medicare but chooses no additional coverage. During his first month of Medicare, he has a stroke that requires him to take an ambulance to the hospital.
Well, the ambulance is a Part B service; so, Bruce must pay the $185 annual Part B deductible. Then, the cost of an ambulance is WAY more than $185; so, Bruce has to pay 20% of the remaining balance.
Also, the Part A hospital deductible is $1,364 and this is Bruce’s responsibility. Then, Bruce must pay 20% of the bill after he’s paid the deductible.
A hospital visit can easily cost Bruce several thousand dollars out of his own savings. Well, if Bruce has Medigap Plan G, the only thing he pays is the Part B annual deductible and his monthly premium.
Bruce can save himself money and a headache by enrolling in Medigap coverage. Also, Medicare supplement plans protect you from great financial risk. Nobody wants to owe hospital tens of thousands of dollars.
Louisiana Medicare Supplement Plans for beneficiaries Under 65
Beneficiaries of disability for more than 24 consecutive months qualify for Medicare Part A and B. 1 in 5 Medicare beneficiaries in Louisiana are under the age of 65.
Medicare Supplement insurance must be available by private insurance companies to beneficiaries under 65; the insurance companies will honor the Open Enrollment Period during the first 6-months of your Part B effective date.
Although, premiums tend to be higher for people younger than 65 on Medicare, even with the guarantee for coverage.
Louisiana Medicare Over 65 and Working
Those 65 or older with employer or union health insurance, won’t incur a financial penalty for enrolling in Medicare past the 65th birthday. Although, you must enroll as soon as the employer or union coverage ends.
It’s best to talk to your benefits administrator at the office where you work. They can help you determine the best coverage for your situation.
Medicare Resources in Louisiana
Louisiana Medicare Advantage Plan (Part C)
If you choose to enroll in Medicare Part C, also known as Medicare Advantage, it will take the place of Medicare Part A and B, and will result in your ineligibility to add a Medigap plan for additional coverage on medical expenses not covered under Part C.
Under Part C, Medicare recipients will only be able to see in-network hospitals and doctors (HMO’s and PPO’s).
The monthly premiums for Medicare Part C are usually lower than those of a Medigap plan. Where Medigap is beneficial is that they allow recipients to see any doctor and hospital of their choosing.
Part C networks often change throughout the year.
Louisiana Medicare Prescription Drug Plans (Part D)
There are four elements to the coverage under Part D; deductibles, initial coverage, coverage gap, and catastrophic coverage.
The Initial Enrollment Period (IEP) to sign-up for Medicare is a 7-month window around your 65th birthday, being 3-months prior to, the month of, and 3-months following.
Missing the IEP opportunity to enroll could result in the Part D late enrollment penalty. The longer a beneficiary goes with no Part D coverage, the higher the premium will be when coverage is active.
The Best Louisiana Medicare Supplement Plans
The Louisiana Medicare Supplement Plans with the best satisfaction rates are Plan F, Medigap Plan G, and Plan N. Medicare Supplement Plans with the same letter have the same coverage; so, Medigap Plan N in Baton Rouge has the same coverage as Plan N in New Orleans.
An individual seeking Plan F would receive the same benefits from any company, but the rates may be different for a variety of reasons. Each company rates premiums differently; also, each company has different rate increase.
To better understand the best company in your area call us, we can help make Medicare and enrollment easier.
Eligibility for Medicare Supplement Plans in Louisiana
Agents are making recommendations for seniors to enroll during the Open Enrollment Period (OEP). The OEP takes place on the first day of the month of your 65th birthday and lasts for 6 months.
Beneficiaries that were under 65 will have another OEP opportunity upon turning 65. During OEP beneficiaries will have Guarantee Issue (GI) rights.
GI rights prevent companies from being able to deny coverage or charge a higher premium because of health.
Beneficiaries voluntarily leaving a group plan can use GI rights to purchase a Medigap policy.
Medigap Premiums in Louisiana
Most states base the annual premium increases on the fact the beneficiary is aging, this is called “attained-age” rating. LA is a state that uses this rating method.
Outside of the OEP, companies can base rates on health, age, gender, and other factors. This includes factors such as smoker or non-smoker. Most agents can only give you a quote; that’s why it’s important to never cancel a policy until a new policy is active and meeting standards.
Louisiana Medicare Supplement Plan Application
Applications are over the phone; this means you don’t need to leave the comfort of your home or invite anyone over to talk about insurance.
Medigap is simple and standardizing coverage makes it easy for beneficiaries to compare plans.
Call us at the number above to discover which top insurance carrier in your area is offering the best rate! Or fill out the online rate form and compare rates side by side.
Having Medigap means you also have peace of mind. If something bad happens, it’s better to have the coverage you need than to wish for the coverage you need.
Medigap gives you the freedom to choose any doctor that accepts Medicare in America. This coverage helps lower out of pocket expenses and gives access to a specialist with no referral requirement.