Medicare Supplement Plans in South Dakota
Medicare only covers 80% of services. Also, beneficiaries will be responsible for deductibles. The best way to protect yourself from 20% of tens of thousands of dollars is to select a Medigap policy.
Beneficiaries with Medigap will pay a premium each month to ensure the insurance company is paying that 20%. This protects retirement and savings accounts from outrageous healthcare costs.
South Dakota Medicare Supplement Plans
Let’s say Andy has no Medigap coverage when he experiences his first heart attack.
Well, Andy is rushing to the hospital in an ambulance. Then, the hospital classifies him as an inpatient as holds him for a week for surgery and monitoring.
This is a likely scenario for many seniors, as we age, our bodies deteriorate. The cost of this incident could be astronomical with Original Medicare only.
Part B has a $185 deductible that Andy must pay for the ambulance. Andy will also pay 20% of the costs that exceeded $185 ambulance ride.
Then, the Part A deductible must be paid since Andy was classified as an inpatient. That costs $1,364 per benefit period; so, Andy could pay this multiple times annually.
On top of that, Andy is responsible for 20% of all the inpatient expenses he’s accruing in the hospital. This could be several thousand dollar expenses.
Plus, there’s no out of the pocket cap on Medicare, so Andy never stops paying the 20% of all bills.
South Dakota Medicare Part A & B Benefits
Traditional Medicare is Part A, as well as Part B. Part C, combines A, B, and D to create a Medicare Advantage (MA) plans. Part D covers prescription drugs.
Medigap plans cover the holes in Medicare, giving beneficiaries comprehensive coverage. Medicare Supplements don’t include prescription coverage; however, enrolling in a stand-alone policy is simple.
Medicare Benefits for Those Under 65
Most Medicare beneficiaries under 65 will find MA coverage is more beneficial. Since Medigap insurance companies charge more for beneficiaries under 65, finding an affordable policy is easier when turning 65.
Some disabled beneficiaries qualify for MA Special Needs Plans; these plans are meeting the needs of individuals suffering from specific health complications.
Medicare Advantage Plans in South Dakota
Medicare Advantage coverage isn’t for everyone. It’s better to have some coverage than just Original Medicare since Medicare has no out of pocket limit, the costs could easily become a burden.
Many beneficiaries on disability will find relief from MA coverage. However, upon turning 65 it’s recommended that you enroll in a Medigap plan.
Let’s say Andy has MA coverage when his heart attack scenario takes place. Well, the MA plan offers a lower premium with high out of pocket expenses.
Sometimes paying less is really paying more.
The ambulance copayment is almost $300. Then, the inpatient hospital services will cost $350 PER DAY for days 1-5. That’s $1,750 in hospital stay copayments!
Andy could pay the annual premium of a Medigap policy with the amount of money spent in one hospital visit.
Prescription Drug Plans in South Dakota
Part D plans can be purchased at an affordable monthly rate; however, the cheapest policy isn’t always the best policy. The out of pocket estimated expenses can also determine the most suitable coverage.
Let’s say Andy enrolls in Part D policy with the lowest premium of $20. Well, his copayment for his drug is $70, for a grand monthly total of $90.
Now, let’s say Andy chooses the $50 Part D policy; now is prescription is only $10 and he saves $30 each month. The idea is to take all of your expenses into account when selecting coverage.
Our agents are trained to understand where clients spend out of pocket, and how to help you save money. When you choose the right policy, your savings add up year after year.
Also, delaying Part D enrollment could result in a penalty; therefore, everyone will benefit from selecting medication coverage.
Best South Dakota Medicare Supplement Plans
Plan G in Sioux Falls has the same coverage as Plan G in Mitchell.
Hands down, the best Medigap plans nationally are Plan N, G, and F. Most agents can agree that these plans meet the needs of almost every client.
These policies can cost less than 1 hospital stay.
Also, more important than the premium is the company selected. Choosing a company that offers excellent customer service and A-rated quality is something to look for in a carrier.
Paying more doesn’t always mean the best value.
For example, if Medigap Plan G costs $120 and Medigap Plan F costs $150; then, save yourself $360 and pay the Part B deductible yourself.
Also, Plan F is going way in 2020, so it might not be the most suitable plan.
Medicare Supplement Plan Requirements in South Dakota
The Medigap OEP is the best time to enroll in a policy. Insurance companies give you the best premium when applying for GI rights.
When new to Medicare, working with an agent can save you valuable time and plenty of money. You must have Medicare Part B to enroll in Medigap.
Medigap and Medicare Advantage shouldn’t be covering you at the same time, that’s a waste of Medigap money. Medigap WON’T cover you if you have MA coverage.
Medicare will pay first and bill the Medigap company for their share of the bill.
South Dakota Medicare Resources
The Senior Health Insurance Information Education (SHIINE) program is also a valuable resource for seniors.
South Dakota Medicare Supplement Applications
Applying for coverage is super easy and most applications can be completed over the phone. You can call us at the number above to get the most accurate premium quote. Or, fill out an online rate form to compare rates online.
Remember, a quote is only a number; never cancel current coverage for a pending application. Keep your current policy until the new policy is active and meeting your expectations.
South Dakota Medicare Supplement Plans protect seniors from losing years of hard earned savings.
Keep your savings and retirement funds safe by purchasing a Medigap policy today!
Once you become a member with us, our client care team will be here for the life of your policy, ready to walk you through any issue or question.