Medicare Supplement Plans in Oregon
Medigap plans help by paying out of pocket expenses associated with Traditional Medicare. Waiting too long to enroll in a Medicare Supplement could result in ineligibility or a higher premium.
Discover more about Medicare plans and options by reading below!
Oregon Medicare Supplement Plans
Let’s say Josh begins his Medicare on the first day of the month of his 65th birthday, and he doesn’t select supplemental coverage. Josh enrolls in Part D; then, he believes Part A and B offer adequate protections.
Well, this isn’t the case Josh doesn’t have great protection. He does have coverage for 80% of his inpatient and outpatient services; however, the deductible and remaining 20% can be overwhelming.
If Josh goes to the hospital for respiratory failure he’s going to pay a pretty penny out of pocket. The average cost of a hospital stay for respiratory failure is almost $18,000. Well, Josh would pay the $1,364 deductible and then he’s going to pay 20% of the remaining dues.
So, Josh could pay over $5,000 in out of pocket expenses without a Medigap policy. Now, if he had Medigap Plan G; all his inpatient expenses will have coverage! The only out of pocket expense Josh will pay on Plan G is the Part B annual deductible of $185.
Oregon Medicare Benefits for the Disabled under 65
Most beneficiaries receiving Medicare because of disability will find the cost of Medigap impractical. State law requires insurance companies to offer coverage; although, the available plans cost more than it’s worth.
Many under 65 beneficiaries find relief from Advantage coverage. Some areas even offer Special Needs Plans (SNP); these policies tailor benefits for those with certain disabilities if a plan is available in your area you could qualify for a Special Enrollment Period (SEP).
Then, upon turning 65, select a Medigap policy so that your coverage is there when you need it most!
Medicare Advantage Plans Oregon
These plans come in HMO and PPO form. They take over for Medicare Part A and Medicare Part B as your primary coverage.
Some plans even include additional benefits like vision, dental and prescription drug coverage. This coverage is appealing; however, this coverage comes at a high out of pocket risk.
Seniors in Oregon generally opt for Medigap instead as they end up providing greater savings in the long run. Although, under 65-year-old beneficiaries find financial relief with MA coverage.
Oregon Prescription Drug Plans for Medicare
Medicare Part D coverage provides prescription medication benefits. Most PDP plans can be purchased at an affordable premium. Although, don’t purchase a policy based solely on premium because the best policy offers the best value.
For example, if Josh enrolls in the $15 a month Part D policy only to pay $90 on his brand name drug, he’s not getting the best coverage. See, Josh could pay $50 a month on the policy and $25 a month on his prescription and his coverage would provide better value.
It’s not always in the premium savings but in the out of pocket savings. Some plans offer additional savings on Mail Order drugs.
Like Medicare Part B, there is a penalty for failing to obtain a PDP during the Initial Enrollment Period (IEP). The best coverage comes from carrying Medicare, a Medigap Plan and a Part D Prescription Plan.
Oregon Medicare Resources
Beneficiaries with a low income should apply for the Medicare Savings Program as well as Extra Help. The State Health Insurance Benefits Assistance (SHIBA) is a local service that helps you understand your benefits.
All Medicare recipients should follow the CMS Newsroom for information relating to Medicare. Also, you can compare plans side by side on Medicare’s website.
Beneficiaries that enroll in a policy through our company will have policy-long access to our Client Care Team; they answer questions, assist with issues, and help you find a new policy when you want.
Top Medigap Plans in Oregon
The top 3 letter plans are Plans F, G, and N. These plans are a favorite across the nation.
Plan F offers the most complete coverage; although, the plan won’t be available to beneficiaries new to Medicare after 2020. Plan G is the second most comprehensive policy; covering everything except the Part B deductible.
Then, Plan N is predicted to become the most highly recommended policy for beneficiaries. The best plan for you isn’t necessarily the best plan for Josh.
Talking with a licensed insurance agent will make selecting a plan much easier.
Qualify for Oregon Medicare Supplement Plans
The best time to enroll in Medigap coverage is during the Medicare Supplement Open Enrollment Period (OEP). Beneficiaries that enroll during this time will have the best premium rate.
This is because during the OEP you qualify for Guarantee Issue (GI) rights. GI is a rule that requires insurance companies to accept beneficiaries no matter health condition. No higher premium or coverage denial when you apply with GI rights.
Now, you can apply for Medigap anytime. Although, outside GI it’s likely you’ll pay a higher premium. This is why many agents recommend enrolling in Medigap as soon as possible.
Any Medicare beneficiary that loses Medicaid will be eligible to enroll in a Medigap with GI rights through Aetna, Cental States, Gerber, GPM, Manhattan life, TransAmerica, United American, United Healthcare.
With the help of an agent, finding a policy is easy!
Medigap Premiums in Oregon
Each state uses its own individual insurance companies to provide insurance coverage. For each company, area, gender, and health concern premiums vary greatly.
However, coverage for a Plan N policy in Beaverton will be identical to a Plan N in Portland. Standardizing plans means identical coverage and easier rate comparison.
Most people save several hundred dollars a year by choosing Medigap Plan G instead of Plan F. The best way to get a suitable policy is to consult with one of our licensed brokers.
Oregon Birthday Rule
Oregon is also unique in the fact they have a “birthday rule.” This rule allows you to change your Medigap policy within 30 days of your birthday, with no underwriting.
You must have an active Medicare Supplement plan to participate in this Medigap option. Those with Medicare Advantage coverage will need to apply for Medigap with underwriting.
Unlike other states, you can change the policy every year to a similar or lesser level policy, without being underwritten.
Apply for a Medicare Supplemental Plan in Oregon
Medigap applications are simple and can be done over the phone.
As always, our services are 100% free and our brokers are available to answer any questions.
Obtaining a Medicare Supplement Plan is easy when you work with us; we represent the top Medigap carriers, making it easy for us to find you the best plan.
Get help applying for Oregon Medicare Supplement Plans give us a call at the phone number above! Or fill out an online rate form today!