Arkansas Medicare Supplement
As you approach your senior years, you will inevitably start feeling the aches and pains that come with advancing age. The manifestations might not be that apparent at the start, especially if you have been living quite a healthy life in the past years, but the limitations of age will eventually catch up and you will need supplementation and support. Unfortunately for many Americans, the decision to adopt a healthy lifestyle comes a little late, and so most of those who are turning 65 years old are scrambling to know what healthcare options they can avail while they still can. In come Medicare and Medicare Supplement insurance to save the day.
What Is Medicare?
Medicare is a government provided and regulated health insurance product that covers a range of inpatient and outpatient services. Medicare Part A covers skilled nursing facility care, inpatient hospital care, hospice care, and home health care, whereas Medicare Part B shoulders costs related to outpatient care, services from doctors and healthcare providers, durable medical equipment, home health care, and many preventive services like shots, annual wellness checkups and screenings. It also offers Part D, or prescription drug coverage and Part C, also called Medicare Advantage, though both are optional products.
What Is Medicare Supplement Insurance?
While Medicare already provides plenty of benefits, the government simply cannot shoulder all of the expenses that senior citizens might encounter in their lifetime. For this reason, they created Medicare Supplement insurance plans, also called Medigap. Medicare Supplements are created and regulated by the federal government, but they are sold by private insurance agencies. They were built to fill in the expense “gaps” that the Original Medicare program is not able to shoulder. The goal is to reduce the amount that seniors will have to pay out of their own pockets when they have illness, if not have them enjoy the healthcare products and services totally free or charge.
There are 10 Medigap plans available and it is up to the buyer which one will best fit his or her health status and budget. The benefits included in all policies are the same across the country, but the levels by which they are provided vary depending on the price. Naturally, the most comprehensive policy will come with the highest monthly premium fees.
In choosing the right Medigap plan for you, it is important that you compare first what’s available in your area before you decide to buy. Insurance providers are allowed to set their own pricing for the exact same products and may include add-ons as they see fit.
Medicare Supplement in Arkansas
There are dozens of insurance providers in Arkansas that offer Medigap plans. Note that their mix of available plans for sale are different, so if you are eyeing a specific policy, ask around first which ones in your area are selling it. If you’re unsure about the type of plan that best suits you, you can always get in touch with our expert advisors to help you make an informed decision.
The average cost of Arkansas Medicare Supplements is $133.16 per month, or $1,598 per year. To compare, the highest average recorded for Medigap plans comes from Massachusetts (at $162.25 per month), while the lowest average is recorded in Hawaii (at $109.16 per month).
All Medigap plans, regardless of the location, are required by law to follow federal and state guidelines and must be labelled as “Medicare Supplement Insurance.” In addition, while providers have the liberty to decide which plans it will sell, they are required to make Plan A available. In addition, if they offer any other Medigap plan, they must also make available either Plan C or Plan F to those who are not new to Medicare and either Plan G or Plan D to those who are new Medicare enrollees.
Another important development that you should take note of is that Medigap plans that include the Part B deductible benefit will no longer be sold to new enrollees starting January 1, 2020. However, if you became eligible for Medicare before such date, then you can still purchase this policy if you so wish. If you are also already enrolled in such policies, then you may continue to enjoy their benefits and will not be affected by the change. This new directive applies only to new entrants and will be effective across the country.
How Medigap Policies Are Priced
In choosing the right Medicare Supplement for you, you also have to consider how the insurance provider sets monthly premiums and if there are any price increases coming in the future. Generally, Medigap pricing is set three ways:
1. Issue-age rated – monthly premiums are based on the age that you when you purchased your policy and will not increase as you get older (unless the raise is a factor of inflation and other economic issues)
2. Community-rated – monthly premiums are charged with the same rate regardless of your age or gender. Like number 1, premiums may go up because of inflation or economic factors, but never because of one’s advancing age.
3. Attained-age rated – monthly premiums are based on your current age, which means the fees will go up as you get older. Premiums start low because they are commensurate to your age and go higher eventually.
Knowing how your provider sets its fees is important to your assessment because not all senior citizens have enough funds to tide them over as they age. In addition, others want to spend their money more on leisurely activities and things that make them happy, instead of allocating their hard-earned retirement savings towards paying off healthcare expenses.
Have Questions About Arkansas Medicare Supplements?
The multitude of information and constant updates to Medicare and Medicare Supplements can be quite overwhelming and confusing; but fret not, we are always ready to assist and guide you through any concern. Get in touch with us at 1-800-791-0150 and out advisory team will gladly help with any question you might have.
