Guide for Wyoming Medicare Supplement Plans
Medicare Supplement plans in Wyoming are becoming more popular. Like most other states within the U.S., Wyoming has ten standardized Medigap plans. But that doesn’t mean that every Medigap policy is available within the entire state.
Over 100,000 people in Wyoming rely on Medicare for coverage. Medicare Advantage plans aren’t competitive in this state, with less than 5,000 people relying on them.
Below we’re going to discuss the different plan options in Wyoming and how different plans could benefit you.
Best Medicare Supplement Plans in Wyoming
There are many different options for coverage. However, Medigap plans are the same from carrier to carrier. Coverage is the same, it makes no difference if you’re in Cody or Cheyenne, WY.
The most popular plans across the nation include Plan F, N, and G. Medigap Plan F leaves beneficiaries with little to no out-of-pocket costs.
Plan N is a good option for beneficiaries that don’t mind copayments when visiting the doctor or Emergency Room. If hospital admission happens, the Emergency Room copayment is waived. Also, Medigap Plan N doesn’t provide coverage for the Part B deductible or any Part B excess charges.
Eligibility for Medicare Supplement Plans
Beneficiaries with Part B can enroll in Medigap plans in Wyoming any day; but, the best time is when you turn 65. The best time for any Medicare recipient to enroll in Medigap coverage is during the Medigap Open Enrollment Period. This enrollment period only lasts for 6-months though, once this enrollment period is over, it never comes back!
Now, if you already missed the enrollment period, but you lost creditable coverage or moved, you may be eligible for a Special Enrollment Period.
Otherwise, you’ll go through underwriting when you submit your policy. No need to worry though, our agents are able to help you find the company most likely to accept your application.
Wyoming Medicare Eligibility Under 65
The Department of Insurance in Wyoming doesn’t require Medigap companies to offer plans to those under 65. But, sometimes companies will offer select policies to those on disability.
The cost of a Medigap plan for someone under 65 is usually much higher because the insurance company knows that a disabled person is more likely to have higher medical claims.
Why Choose Medigap in Wyoming
The best way to explain how Medicare Supplement coverage can benefit someone in Wyoming is through example. Below, we’ll use client Wyatt to help us paint the picture with clarity.
Let’s say Wyatt has Medicare with no supplement. Well, Wyatt gets hurt during a hike. He’ll need to take an air ambulance to the Emergency Room.
It’s important to realize, the Part A deductible starts over each benefit period as well as each different health issue.
So, if Wyatt is admitted to the hospital a week later for an unrelated issue, guess who’s paying the Part A deductible again? That’s right, Wyatt.
OUCH! Health issues really cost a pretty penny; but, this burden could be avoided with Medigap coverage.
How Medigap Lowers the Cost of Care
Thankfully for Wyatt, he trusted us to enroll him in Medigap Plan G; the only thing other than the premium Wyatt pays during the year is the Part B deductible.
Since Wyatt is a 65-year-old man in Cheyenne his costs for Plan G are only around $120 a month.
This means Wyatt pays less than $1,700 a year for Medigap Plan G, including the Part B deductible. That’s less than the cost of ONE hiking accident.
Plus, Wyatt doesn’t need to worry if he does go to the hospital again; Plan G will cover the Part A deductible EACH TIME!
Now, this is just an example, you may find Plan N or High Deductible G make more sense for your situation.
Medicare Advantage Plans in Wyoming
Compared to other states across America, Wyoming residents don’t have a large number of Medicare Advantage beneficiaries.
More people choose Medigap over Advantage coverage in Wyoming. In Wyoming, only about 3% of beneficiaries choose an Advantage plan. Now, this could be because of limited availability.
Although, it could also be the few available Medicare Advantage plans aren’t bringing the value like they do in other parts of the country.
For example, there isn’t a single 5-star Medicare Advantage plan in the entire state of Wyoming. Now, that could be because there are only 5 available Medicare Advantage plans in the whole state.
What Medicare Advantage Plans Are Available in Wyoming?
All of the plans cost over $40 a month with the exception of the Medicare Savings Account policy, which is $0 per month but has a high deductible.
Now, there is a PFFS plan available that costs $40 a month and is available in several counties. Nothing against PFFS, but they can be a hassle compared to Medigap. For example, before each appointment, you must call the doctor to be sure they still accept the plan.
While some may not have an issue with this, it’s understandable that others will find this more of a burden.
When we take a look at the Medicare Advantage plans available in Wyoming in 2020, it’s easy to see why only 3% of the population has chosen to sign up for one.
The one thing I will say is that some coverage is always better than none. If you can’t afford Medigap or you don’t qualify, consider looking into Medicare Advantage options.
What Part D Plans are Available in Wyoming
There are 29 stand-alone Part D plans in Wyoming. In 2020, the lowest premium Part D plan is the Humana Walmart Value Plan costing $13.20 a month but it has a $435 deductible.
The most expensive Prescription plan is $89.60 a month but this plan doesn’t have a deductible.
Now, the best plan for you will depend on the medications you take. For example, if you’re taking a few generic medications the Humana Walmart plan may save you the most money if you’re willing to use Walmart as your pharmacy or the mail-order pharmacy.
But, if you’re taking more than just a few generics, another policy with a higher premium, will save you money.
How Can a Higher Premium Save You Money
Now, when Wyatt initially speaks to his agent, he thinks he wants the Humana plan because of the low premium. But, when Wyatt’s agent inputs the list of medications, he notices the Humana plan doesn’t cover all the med’s Wyatt needs.
Instead, the agent explains that a higher premium policy will cover his entire list of drugs, and won’t have a deductible. Since Wyatt takes several Brand-name medications and multiple generics, he’s going to need the plan that saves him the most on ALL his costs.
A low premium means nothing when it’s not going to give you the coverage you need. For many people, just like Wyatt, paying a higher premium for better coverage will make the most sense.
But, of course, if the lowest premium option is going to save you the most money, then that plan would make the most sense.
Please keep in mind that you’ll want a company that is reliable and stable.
Medicare Supplement Agents in Wyoming
MedicareFAQ is the one-stop-shop for all your Medicare needs. We work with customers who are brand new to Medicare, as well as seasoned beneficiaries.
Our agents will review a few things with you and can make a plan recommendation around your needs.
We’ll then walk you through your enrollment process. Call us at the number above or fill out our online rate form to start your journey now!