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North Carolina Medicare Supplement Plans in 2020
North Carolina Medicare Supplement Plans are the same as the plans available throughout the country. But, Medigap isn’t the only option in North Carolina. Beneficiaries can opt for a Medicare Advantage plan if that’s their preference. Although, most people will have more peace of mind with Medigap. Below we’ll discuss the different options for those in North Carolina and in the end you can choose the best for you.
Learn About Your North Carolina Medicare Options
If you want to grasp the details of Medicare in your state, you’ve come to the right place. The content below has been updated for 2020.
Almost 2 million people in North Carolina have Medicare. Your situation will determine if Medigap or Medicare Advantage coverage is more beneficial.
Then, there are some people that just have Medicare. The downside to only Medicare is the lack of Maximum Out of Pocket coverage; so, there is no limit to the amount of money you’ll spend on care.
Top North Carolina Medicare Supplement Plans for 2020
As you may have heard, Plan F, G, and N are the most common Medigap policies. These are the same top plans across the United States.
Plan F is the most comprehensive, but eligibility isn’t for everyone. You must be Medicare-eligible before 2020 to qualify for Plan F.
Next, Plan G is the second most comprehensive policy. Now, Plan G is available to anyone but it doesn’t cover the Part B deductible.
Finally, Plan N is popular for its low rate increases and low premium. But, if you’re uncomfortable with copayments, you’ll want more comprehensive coverage.
Who is Eligible for a Medicare Supplement Plan in North Carolina?
To qualify for Medigap in North Carolina, you’ll need to live in the policy’s service area. The best time to enroll in Medigap is during your Open Enrollment Period; this is when no matter what your health looks, your policy is approved.
If you miss the Open Enrollment Period, no worries, you can sign up for Medigap at any time. But, you’ll need to qualify for a policy by going through underwriting if you wait.
Now, many people pass underwriting with no issues. Although, working with an agent can help you identify which companies are most likely to approve your application.
If you’re going through underwriting, we recommend applying for coverage at least 30 days before you need the policy to start.
Now, there are Guaranteed Issue situation that would allow you to enroll in Medigap outside of the Open Enrollment Period without worrying about underwriting.
Understanding North Carolina Medicare Supplement Plan Costs
Medicare supplement costs can range depending on several factors. To better explain costs, we’ll use Maria, a 65-year-old woman in Raleigh as an example.
For Maria, Plan G would cost around $100 a month and Plan N could cost around $80 each month. But Maria wants to make sure that costs with Plan N won’t be more than Plan G’s premiums.
Since Maria sees her doctor two times a month, Plan G makes the most sense for her. Maria would end up paying more with the premium and copays than she’ll pay in total with Plan G.
Keep in mind that a man usually pays slightly more than a woman, and prices can fluctuate anytime. Supplement premiums won’t come out of your Social Security check, you’ll pay them directly to the insurance company that handles your claims.
Note: We run these estimates on our quoting tool. These estimates are current for 2020, but the rates can vary between counties, eligibility, and more.
Medicare Supplement Plans for North Carolina Residents Under 65
Traditionally, Medigap Plan A and F would be the only options for those under 65. But, Plan F going away, Plan G becomes the default policy available to those eligible in 2020.
Plan F is still available for those eligible before 2020. And, while these plans are available to those under 65, they are very costly.
The premiums are well above $300 each month for someone under 65. You pay more because insurance companies know that someone on disability Medicare is likely to have higher claims.
In most cases, Medicare Advantage is great for disabled individuals. At least until you’re turning 65, then Medigap is a sensible option.
The Best Medicare Advantage Plans in North Carolina
While none of the options are 5-star plans, there are plenty of 4.5-star plans throughout the state; including plans by top carriers like Aetna and Humana.
There are advantages and disadvantages to Part C plans, so before you jump into a policy read the fine print.
Make sure your doctor is in the network and be sure you understand the terms of coverage.
Also, there are some Medicare Savings Account plans available in select counties. Both these plans change on an annual basis, so each year you’ll want to compare coverage options
The best plan for you isn’t always the best plan for someone else.
If you want steady coverage that doesn’t change and is predictable, Medigap will be the best option for you.
If you can’t afford Medigap or you don’t qualify, some coverage is always better than none.
Also, if the Medicare Advantage plan has a premium, you can choose to have that deducted from Social Security. Although, we don’t recommend choosing that as your payment option.
North Carolina Medicare Part D Plans
There are 28 Part D options in the state of North Carolina.
You don’t have to be a specific age to enroll in Part D, as long as you’re Medicare-eligible.
No matter which state you live in, you’ll want to enroll in Part D as soon as you’re eligible.
Delaying enrollment will result in a late penalty.
The lowest available premium for one of these plans is $13.20 each month.
While the highest premium right now is $121.40.
A policy is more than just a premium.
It won’t do you any good if that plan doesn’t cover the medications you take.
Consider deductibles, copayments, and premiums when you’re selecting a policy.
Otherwise, you could end up paying more than you need for coverage.
Comparing Medicare Supplement plans in North Carolina can be challenging without the help of an expert. Our agents are able to help you identify the best coverage options for you.
First, we’ll ask you a few questions to get a better understanding of the policy that would bring you the most value. Once we figure out the best options for you, we’ll discuss costs.
From there we can walk you through an application. The best part? We’re here for you long after your policy is active.
So, if you ever have a question about coverage or need help filing a claim, we have your back!
Give us a call at the number above to find out the rates in your area. Or, fill out an online rate form to see your rates now!