Medicare Supplement Plans in Maine
Maine Medicare Supplement Plans combined with Medicare will add benefits to your coverage. Medigap plans allow you to have more control of annual healthcare spending. Since plans are standardized by the government, they mostly work the same from state to state. Below, we’ll give you an example of how a supplement plan protects you from high out of pocket costs in Maine.
Medicare Supplement Plans in Maine for 2020
When comparing Medigap plans, remember each letter plan benefits stays consistent from provider to provider. The only variation is the cost.
Keep in mind, if you want to have coverage for your Part B deductible, it’s best to go with Plan F or Plan HDF.
Qualifying for Medicare Coverage in Maine
Medicare eligibility is based on federal law; you must be 65 or receiving disability for at least two years. State-specific guidelines can make a difference for your eligibility.
If you’re turning 65, be sure to enroll in Part B and seek additional coverage right away to avoid any penalties. Enrollment is automatic if you’re receiving social security benefits.
Those under 65 are granted Guaranteed Issue Rights for Medigap plans the same as someone who just turned 65. These enrollees can change plans at age 65 when they’re eligible for the standard Medigap Open Enrollment Period if they did not enroll when first eligible.
How Medigap Plans Work in Maine
Let’s say Lucy has standard Medicare and a Part D policy; she thinks her coverage is sufficient. However, Lucy is at risk for paying tens of thousands of dollars in the form of healthcare deductibles and coinsurances.
If Lucy spends one night in the hospital, she will need to pay the Part A deductible. Most people can purchase Medigap insurance for less than one annual admission to the hospital.
Lucy could go to the hospital, stay for a few days, and still save money if she purchases a Medicare Supplement.
Well lucky for Lucy, she gave our agents a call and has peace of mind knowing she won’t spend tens of thousands of dollars on healthcare expenses this year. Her Medigap plan will cover Part A deductible as well as additional out of pocket costs. Depending on the letter plan she chose, she could have zero out of pocket costs.
Premium Rating Method for Medigap Plans in Maine
Community rating is required for Medigap plans in the state of Maine. Beneficiaries can expect the same premium regardless of age and overall health conditions. However, different ratings could be made for each county.
Medicare Advantage Plans in Maine
Beneficiaries can select Medicare Advantage coverage once eligible for Medicare or during the Annual Enrollment Period.
You can’t have an Advantage policy and supplement coverage at the same time. If you enroll in an Advantage plan, the Medigap plan will no longer supplement benefits.
Advantage plans have limitations such as doctor networks, prior authorization requirements, and doctor referrals. Those considering an Advantage plan should be prepared to re-evaluate coverage each year since the plan will change annually.
Medigap policies will give beneficiaries more freedom and more security. Make sure to compare Medigap vs Medicare Advantage side by side before making a decision that you can’t undo.
Medicare Part D Plans in Maine
When it comes to medical expenses, prescription drugs can often add unexpected costs to your health care bill.
Most people gravitate toward purchasing a Part D prescription drug plan.
Having this coverage helps beneficiaries to avoid paying the full cost of prescribed medications.
Don’t forget; there are some plans that already include drug coverage and benefits. For example, Medicare Advantage may assist with medication expenses.
Not having prescription drug coverage when initially eligible can result in a penalty on your Part D benefits.
Avoid this penalty by enrolling in a Part D plan as soon as you become eligible for Medicare.
In the state of Maine, SHIP services are available to seniors and people who have Medicare because of disability. CMS is funding the SHIP program.
How to Compare Medigap Plans in Maine
Understanding all of your options can seem overwhelming; contact one of our licensed insurance agents in your state to get the most suitable policy. Enrollment is simple and can be done over the phone.
Don’t delay enrollment. Waiting could result in ineligibility. Once you lose your eligibility for an enrollment period, selecting a plan becomes much more difficult. Call today and discover the best plan options for your needs. Our agents can be reached at the number above or fill out the online rate form!