Medicare Supplement Plans in Mississippi
Medicare can offer some benefit to seniors by covering 80% of specific inpatient and outpatient services. However, beneficiaries with only Medicare will see deductibles, and coinsurance can quickly add up.
Guide to Mississippi Medicare Supplement Plans for 2020
Let’s say Amy enrolls in Medicare only. Well, if Amy has a heart attack, she could see just how quickly out-of-pocket bills become expensive.
First, Part B is covering the ambulance, except the Amy pays $198 Part B deductible as well as 20% of any remaining expenses. That’s just the ride to the hospital.
Then, the Part A deductible must be paid once she becomes impatient. That is $1,408 PLUS 20% of all the other costs. Amy could spend thousands of dollars when she visits the hospital.
Now, if Amy has Medigap Plan F, all she worries about is the premium. When she takes an ambulance, the Medigap and Medicare pay for it, not her.
Then when she’s admitted to the hospital, the Plan F pays the Part A deductible. Amy can forget deductibles and copayments. She can plan her health expenses more quickly too!
Best Medicare Supplement Plans in Mississippi
Medicare Supplement Plan G, N, and F reign as the most popular supplement options nationwide. Beneficiaries with one of these policies have quality coverage.
Premiums will vary between locations; however, the benefits are the same for like plans.
Medigap Plan F offers the most comprehensive coverage to beneficiaries. Plan G provides slightly less coverage than the F plan. Plan N has more out-of-pocket costs than the other two plans; however, the premium tends to be much lower.
Qualifying for Medigap Plans in Mississippi
At age 65, Amy needs an enrollment start date for her Medicare Part B to enroll in Medigap. The same goes for you, and when Part B begins, you can schedule the Medigap to start as well.
Part B effective date is the same date as your personal Medigap Open Enrollment Period.
Beneficiaries have 6-months to enroll in a Medigap policy with Guaranteed Issue Rights. This GI period allows recipients to select a Medicare Supplement plan without underwriting consequences.
Delaying Medigap enrollment could result in policy denial or higher premium rates due to health concerns.
If you have Medicare and lose your Medicaid, GI rights become available to enroll in a policy through New Era.
Mississippi Medicare Supplement Plans for Beneficiaries Under 65
State laws require insurance companies to offer one Medigap policy to beneficiaries under 65. Plan A is usually the provided policy.
Medicare Supplement costs are higher for those under 65 than those turning 65. Since beneficiaries under 65 are disabled, the claims and premiums tend to be higher.
Since Medigap plans aren’t as affordable for beneficiaries under 65, Medicare Advantage could offer more coverage than Medicare while waiting to turn 65.
Once a beneficiary turns 65, the OEP will be in force, and a supplement may be purchased with GI rights.
Mississippi Medicare Supplement Plan Prices
Medigap plans can vary in cost from person to person. The location, age, and enrollment period eligibility will play a part in the cost.
However, Plan G in Mississippi can be found for as little as $100 a month. That’s less than the Part A deductible!
Purchasing Medigap can save you money. Spend a little and save a lot by choosing Medigap. Sometimes Plan G offers more value and savings than Plan F.
For example, if Amy can purchase Plan G for $100 and Plan F for $120, she would benefit from paying her own Part B deductible with Plan G.
See, $20 multiplied by 12-months is $240; however, the Part B deductible is only $198. So, Amy saves $55 a year by paying her own Part B deductible with Plan G.
Medicare Advantage Plans in Mississippi
Let’s say Amy opted for a Medicare Advantage policy and then had her heart attack. Well, the ambulance would be a $300 copayment.
Then to be admitted to the hospital, Amy must pay $300 PER DAY for days 1-6! That’s $1,800 for a 6-day hospital stay.
A hospital visit with a Medicare Advantage policy could end up costing more than a Medigap plan.
Now, standard Medicare doesn’t offer any cap on how much a beneficiary can pay per year. However, Advantage plans have a maximum out of pocket.
For most Advantage policies, this amount is almost $7,000 per year on covered services. This is more beneficial than Medicare; however, supplements offer the most extensive coverage. In 2019, only 18% of beneficiaries chose to enroll in a Medicare Advantage plan.
Medicare Part D Mississippi
Prescription drug costs can add up quickly when you’re paying the full cost of medications. Part D coverage should be purchased even if you don’t take any prescriptions currently
It is essential to obtaining this coverage right away. Otherwise, the Part D penalty could be another fee you pay.
Many Part D plans can be purchased for less than $20 a month. However, this doesn’t mean the lowest cost policy for you is only $20 a month.
For example, if Amy saves money out of pocket on her drugs by enrolling in the $30 a month policy, then that policy will make the most sense.
Insurance agents are trained to identify the lowest overall costing policy for clients. Let them help you find the most suitable policy for your needs.
Mississippi Medicare Resources
We understand some financial situations may arise. If you find yourself needing a little extra assistance, there are currently programs available to help with costs.
The Medicare Saving Program assists low-income beneficiaries with the cost of deductibles, coinsurances, and copayments.
Beneficiaries that qualify for the MSP should also be eligible for extra help paying for medications.
Never be afraid to ask for assistance, the State Health Insurance Program (SHIP) is a counseling program that answers health questions for seniors.
Apply for Medicare Supplement Plans in Mississippi
Applying for Medicare in Mississippi is the same as any other state. Beneficiaries ready to apply for Medicare in Mississippi should gather all the information necessary to use. This includes the Medicare card and any related forms or documents.
After discovering the most suitable policy for you, our agents can walk you through the enrollment application. You can call an agent at the phone number above or fill out an online rate form!
Once the policy is active, our client care team will be here to answer any questions or verify your coverage is always the best option.