Wyoming Medicare Supplement Plans
The annual expense for a Medigap plan is generally less than ONE hospital stay with Medicare. Discover how you can save more money by spending a little.
Medicare Supplement Plans in Wyoming
Let’s say Wyatt has Medicare with no supplemental coverage. Well, Wyatt gets hurt during a hike; he takes the Ambulance to the Emergency Room where he’s admitted.
Without Medigap, the ambulance costs $198, Wyatt will also be responsible for 20% of any costs remaining. Then, the admission to the hospital costs $1,408. Then, Wyatt still needs to pay 20% of the inpatient costs not paid by Medicare.
Also, the Part A deductible starts over for each different benefit period as well as each different health issue.
Wyatt is admitted to the hospital a week later for an unrelated issue; well, guess who’s paying the Part A deductible again? That’s right, Wyatt!
OUCH! Those health issues really cost a pretty penny; however, this out-of-pocket burden could be avoided.
Thankfully Wyatt trusted us to enroll him in Medigap Plan G; the only thing other than the premium Wyatt pays during the year is the $198 Part B deductible.
This means Wyatt pays about $1,600 a year for Medigap Plan G coverage, 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 EVERY TIME he’s admitted!
Wyoming Medicare Plan Options
Being new to Medicare can feel like freshman year all over again. Things are changing, you’re new to the senior healthcare market and the abundance of information is overbearing.
Well, put simply, Original Medicare is just Part A and Part B. Those receiving Social Security before turning 65 should automatically be enrolled in Part A.
Contact Social Security if not automatically enrolled.
Medicare Part D covers medications, even if you don’t take prescriptions, this coverage is cheap and you’ll likely need it later.
Medigap will provide coverage of the gaps in Medicare, this gives you the most comprehensive coverage available. Experienced agents recommend this coverage because the quality is incomparable.
Advantage coverage will replace standard Medicare. Those with an MA plan will need to review the policy’s limitations and restrictions before applying.
Eligibility for Medicare Supplement Plans in Wyoming
Beneficiaries with Part B can enroll in Medigap plans in Wyoming any day; however, the best time is when you turn 65.
This enrollment period only lasts for 6-months though, so hurry and call an agent at the number above before it’s too late! Once this enrollment period is over, it never comes back!
Wyoming Medicare Eligibility Under 65
The Department of Insurance in Wyoming doesn’t require Medigap insurance companies to offer plans to those under 65. However, 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.
Although, upon turning 65, enrolling with GI rights will ensure you get great coverage at the best price. Until then, the best option could be Medicare Advantage.
Applying for Medicare Supplement Plans in Wyoming
Let’s say Wyatt turns 65 on June 1st; since his birthday is on the first of the month, Part B will be effective the first of the previous month. So, May 1st will be when Part B and the 6-month Medigap Open Enrollment Period both begin.
From May 1st until October 31st Wyatt can select a Medigap plan without underwriting penalties.
Applying for coverage is as simple as making a phone call; so, call an agent today for a quote tailored to your medical and financial needs.
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 expenses.
Plan N is a good option for beneficiaries that don’t mind copayments when visiting the doctor or ER. If hospital admission happens, the ER copayment is waived. Also, Medigap Plan N doesn’t provide coverage for the Part B deductible or any Part B excess charges.
As the first dollar coverage plans become less available in 2020, Plan G will inherit the title of the most comprehensive policy. Plan G covers all covered services except for the Part B deductible.
Medicare Advantage Plans in Wyoming
The general rule of insurance is that lower premiums come with higher out-of-pocket costs. Let’s say Wyatt has Part C when he got into the hiking accident.
Well, Wyatt still has a premium and advantage options in this state are mostly Private Fee For Service (PFFS). While there is no network, doctors can decide to no longer accept the plan at any time.
The health plan premium is $70, he pays $400 when he’s admitted to the hospital. The ground ambulance costs $250 and all the tests done in the hospital cost 20% of the bill. Wyatt would pay more for a Medicare Advantage plan than he would with a Medigap plan.
By paying a premium every month, you protect yourself from high out of pocket costs. With an MA plan, a diabetic could pay upwards of $500 a month out-of-pocket. Medigap protects from expensive health bills.
Enrolling Wyatt in a Medigap plan saved him from the burdens of high medical bills.
In 2019, less than 5% of Wyoming beneficiaries enrolled in a Medicare Advantage plans.
Wyoming Prescription Drug Plans
Thankfully beneficiaries have plenty of affordable Part D options, Part D starts as low as $15; however, it’s best to enroll in a policy that covers all your medications.
So, if the $15 plan doesn’t cover your medications it could end up costing more than the $30 plan.
Talking to a licensed broker is important because it ensures the most suitable coverage for your situation.
Wyatt has an effective date for Part D the same date as Part B.
This ensures Wyatt avoids the Part D late enrollment penalty.
Wyoming Medicare Resources
Low-income individuals may be eligible for the Medicare Savings Program. Through these programs, enrollees can find help with Original Medicare costs.
State Health Insurance Counseling and Assistance Program (SHIP): The State Health Insurance Information Program is available to assist with questions about rights for Medicare enrollees.
Compare Medicare Supplement Plans in Wyoming
The best policy for Wyatt might not be your ideal coverage. Contact an agent today to discuss-plan rates and options. Each company has different rate increases in different areas; save yourself effort and money by calling the number above.
Beneficiaries can also fill out an online rate form to compare rates!