In this context, we’ll go over everything there is to know about Medicare Supplement plans in Michigan. Your situation and eligibility will determine the best options for you. The more you know about cost, coverage, and benefits, the better decision you’ll make regarding your Medicare plan.
How Medicare Supplement Plans Work in Michigan
Since Medicare is a federal program, it operates similarly in most states. Over 20% of Michigan residents qualify for Medicare. Most people with Medicare choose to enroll in either a Medicare Supplement or Advantage plan, mostly because Medicare costs are high without some kind of supplemental insurance.
Overall, the best policy for you is the one that brings you the most value. First, let’s take a look at a few Medigap options.
Most Popular Medigap Plans in Michigan
Plan F used to be the go-to option for beneficiaries everywhere. But, now it’s only available to those Medicare-eligible before 2021. For everyone else, Plan G and Plan N are a great option. Even if not newly-eligible, Plan G and N could be more suitable.
Plan N usually has the lowest premium of theses top 3 plans. For example, a 65-year-old woman in Michigan can expect to pay around $100 a month for Plan N.
But, that same woman could pay less than $130 a month for Plan G. Now, Plan F would cost more than that.
Keep in mind; men usually pay more than women. Smokers can have higher premiums with some companies. And, each carrier can update the cost anytime.
These estimates are just that, an estimate. For the most accurate cost information, you’ll need to talk with an agent.
Understanding the Michigan Medigap Subsidy Program
The Michigan Medigap Subsidy helps you pay for your plan. While the subsidy won’t cover every dime, it will lower the price.
The subsidy will pay a portion of your premium, and you’ll pay the remaining amount. To qualify, you must reside in the state of Michigan at least half of the year, and household income must be at or below 225% of the Federal Poverty Level.
Also, you need to be eligible for Medicare and have qualifying Medigap coverage through a participating carrier. If you have both Medicare and Medicaid benefits, you won’t qualify.
The Michigan Health Endowment Fund processes your application upon receipt and reviews all necessary information.
Once you meet all requirements, your subsidy information is sent to your Medicare Supplement insurer.
How Much Will the Michigan Medigap Subsidy Program Pay Towards My Monthly Premium?
The amount of assistance you may get depends upon your age-range.
- If you’re between the ages of 65-74, you’ll receive approximately $35 per month.
- Those over the age of 75, you’ll receive around $60 per month.
- If you’re under the age of 65 and have a disability, your subsidy amount will be around $110
What Carriers Participate in the Michigan Medigap Subsidy Program?
How Can I Apply for a Michigan Medigap Subsidy?
To apply for the Michigan Medigap Subsidy, you’ll need the following items to streamline your process:
- Full name, contact information, Social Security number, etc.
- Current Medigap coverage information – Insurance carriers name and your policy number
- Current Federal or State benefits, or proof of income, current tax return, or IRA statement
The program may also need information on all household members. After you submit the application, they verify income, and you’ll get a notice of eligibility. The process may take several weeks.
Medicare Supplement Eligibility in Michigan for the Disabled Under 65
Those on Medicare due to disability have access to a couple of Medigap plans, but the insurance company will charge a higher premium to those under 65.
While there are plans available, few companies sell them to those under 65. Sometimes the best bet is to choose a Medicare Advantage plan until you’re turning 65
Then, when you’re turning 65, you’ll qualify for a Medigap policy through the 6-month Open Enrollment Period window. Meaning, you’ll have no worries of underwriting, and you’ll get the best premium possible.
Medicare Advantage Plans in Michigan
Aetna Medicare Advantage has the highest star-rating; it’s 4.5-stars out of 5. But, there are plenty of other top companies that sell Part C throughout the state.
Over 40% of beneficiaries in Michigan choose Medicare Advantage to handle their benefits. Almost half of these people have a group Medicare Advantage plan through a previous employer.
So, only about 20% of Medicare recipients in this state have a standard off the market Advantage plan. These kinds of plans are beneficial if you’re under 65 or you can’t afford a Medigap plan.
Keep in mind, sometimes the copayments with Medicare Advantage become higher than the premium for Medigap would be for you.
Medicare Part D Plans in Michigan
There are 30 Part D options in Michigan. Costs range from $13.20 to $105.10. The best Part D for you depends on several factors, like which medications you take and which pharmacy you prefer.
For example, if you take a couple of generics and prefer to fill your prescription at Walmart, the $13.20 Humana plan could be suitable for you.
But, if you have multiple brand name medications and use CVS as your preference, the Aetna plan could be more suitable.
The average premium in Michigan for Part D is $42.19; some pay more and others less depending on their needs.
How to Apply for Medicare Supplements in Michigan
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