Medicare Supplement Plans in Michigan
Without Medigap coverage out of pocket expenses could clear a savings account or retirement fund. Beneficiaries need coverage to protect themselves from financial risk.
Learn more about Medigap coverage and the cost of Original Medicare without a Medigap policy by reading further.
Michigan Medicare Supplement Plans
If Tony is an inpatient he will pay for Part A benefits.
Part A has a deductible of $1,365 PER BENEFIT PERIOD. Every 60 days the benefit period starts over and you can pay that deductible over again.
Well, that’s not all, the Part A coinsurance is 20%; now that might not seem like much, but what if the bill was $10,000? That would be $2,000 out of pocket on top of the $1,364 deductible!
Now Part B has a deductible as well; however, this deductible is only $185 annually.
However, Part B does have a 20% coinsurance. Most beneficiaries think “oh 20% of my doctor’s visit isn’t too much”; it’s important to realize Part B covers more than doctor visits.
Part B covers ambulance services, CPAP machines, medically necessary wheelchairs, and other medical devices. Medical supplies and ambulance rides aren’t cheap; however, Medigap coverage can help pay for these things.
Cost Example of Medicare Supplement Plans in Michigan
Tony is in the hospital for Heart Valve Disorder; do you think he’s going to save money with Medigap? Well, yes because Medigap can cover 20% AND the deductibles.
Open-heart surgery with Plan F has no out of pocket expenses for beneficiaries. This means Tony just pays his premium and can forget about the rest.
He would pay over $8,000 because the cost of open-heart surgery without complications is over $40,000! Tony can’t control if there is a complication, but if there was one he would pay more.
Not with Medigap though, because Medigap gives beneficiaries the protection they want when they need coverage.
Medicare Supplement Eligibility in Michigan for the Disabled Under 65
Beneficiaries under the age of 65 may enroll in Medigap Plan C or Plan A; state laws require companies to offer you these policies. However, insurance carriers can charge under 65 beneficiaries an increased premium because of disability.
Since the premiums for under 65 beneficiaries tend to be enormous, you should consider MA (Medicare Advantage) coverage until you turn 65. Upon turning 65, you’ll be eligible for the Medigap Open Enrollment Period (OEP) which entitles you to Guaranteed Issue (GI) rights.
Basically, with GI rights you can enroll in any policy without underwriting. This means you get the best policy at the best premium in your area.
Until then, MA coverage is better than no additional coverage. Also, some MA policies are catering to those with certain disabilities. We call this coverage a Special Needs Plan (SNP) and if there’s one in your area, you could qualify for a Special Enrollment Period (SEP) that allows you to change plans today.
Michigan Medicare Advantage Plans
Some coverage is better than no coverage. Medigap offers more comprehensive benefits and at times can cost less than MA; however, we understand that Medigap premiums aren’t in everyone’s budget.
MA policies can include Part D benefits as well as routine dental, vision and hearing care. The cost of MA coverage is usually between $0 and $100; just because an MA plan premium is higher, doesn’t mean the benefits are better.
ALWAYS check to be sure the plan is covering your prescriptions; you can see a list of covered drugs in the formulary, you can view this document online.
When something goes wrong with your health; do you want higher out of pocket fees or a consistent premium? The choice is yours.
If you want to pay higher out of pocket fees when something goes wrong, MA coverage could be for you. Those that would rather pay a set premium and forget the rest will be happier with Medigap coverage.
Michigan Prescription Drug Plans (PDP)
Part D policies are affordable across America; for example, you can find a policy for less than $20 a month. However, just because the premium is low, doesn’t mean the policy will save you the most money.
Tony buys the $20 premium policy and is paying $90 a month on his medication; the total cost is $110 a month. However, if Tony buys the $50 a month policy and spends $45 on his medication then he saves $180 annually.
So, just because the premium is cheap, doesn’t mean it’s the cheapest policy. Always check the formulary to be sure the insurance company is covering your medications.
Talking with one of our brokers can make it easier to find and apply for a Part D policy. If you don’t enroll in part D you could incur a Part D Late Enrollment Penalty.
Michigan Medicare Help
beneficiaries on a limited income can apply for the Medicare Savings Program (MSP) and those that don’t qualify for MSP should apply for Extra Help. The Extra Help program helps cover the costs associated with Part D.
The Senior Health Insurance Program (SHIP) offers benefits counseling services to beneficiaries and their caretakers.
Best Medicare Supplements in Michigan
Medigap beneficiaries can receive care from any doctor in America that accepts Medicare Assignment. Also, foreign travel emergency care coverages are included in most plans.
No need for a referral either, Medigap doesn’t require the hassle of obtaining referrals for specialist visits. Plus, the out of pocket expenses are covered.
Depending on the policy you select, your premium will vary. Higher coverage policies cost more than lower coverage policies.
Requirements for Michigan Medicare Supplement Plans
Beneficiaries MUST have Part B to enroll in Medigap coverage. Once you receive the Medicare card, with the Part B effective date you can pre-enroll in coverage.
So, have the Medigap policy begin on the same day as Part B. Beneficiaries are eligible for the Medigap Open Enrollment Period for 6-months; during this time you can use your Guaranteed Issue (GI) rights to enroll in the policy of your desire.
During GI insurance companies can’t charge you more based on pre-existing conditions and they’re required to approve your application. The Medigap OEP is the BEST time to enroll in supplemental coverage.
Beneficiaries can apply for Medigap anytime; however, the insurance company can issue a denial or higher premium rate after GI rights are gone.
Many seniors qualify for coverage even when going through underwriting. Our agents know which companies are most likely to approve certain health concerns; talk with a broker today and learn about the company that’s best for you.
Medigap Premiums in Michigan
Each of the individual insurance providers determines the premium charge. The different determining factors for premium cost include your age, gender, and location.
So, someone in Detroit will likely have a different premium than someone in Ann Arbor or Grand Rapids. The best way to get a lower premium is to apply during your Medigap OEP.
For about $150 each month Tony can have Medicare Supplement Plan F in Michigan. However, let’s say Tony could have Plan G for $120; the only thing bill he needs to pay is the Part B deductible, which is $185 a year.
Tony would save $30 a month or $360 a year in premiums by enrolling in Plan G. So, Tony can select the G plan, pay the deductible, and still save money.
Enrollment for Medicare Supplement Plans in Michigan
Signing up for a Medicare Supplement Plan online is as easy as making a phone call to the number above. Also, you can fill out an online rate form and one of our licensed insurance agents can help you through the process.
As always our services are free of charge. Protect yourself from unnecessary high out of pocket expenses with Medigap. The Supplement can protect years of savings and provide beneficiaries with peace of mind.
Discover which policy is right for you, our agents are waiting to answer all your questions. Then, members have access to our Client Care Team; if an appeal, claim, concern or question arises at any time, give them a call for assistance.
We’ll be here for you, every step of the way.