Connecticut Medicare Supplement
The senior citizen population in Connecticut is rapidly increasing, so with most areas in the United States. Thus, it is expected that there are plenty of inquiries on the benefits of Medicare and how important it is to enrol in either Medicare Advantage or Medicare Supplements (Medigap). However, while Original Medicare already comes with quite a list of benefits, these are not enough to support the healthcare needs of individuals in their twilight years.
Medigap is entirely optional, but given the limitations of Medicare, it is seen as a necessary part of retirement. Simply put, it closes the “gaps” in products and services that Medicare does not cover. If you are a Connecticut resident, are about to retire, and are concerned about potential out-of-pocket expenses that can occur with aging, the wise step would be to also enrol in any of the 10 standardized Medicare Supplement plans that the government has created.
Connecticut Senior Citizen Statistics
According to the U.S. Census Bureau, Connecticut is home to around 578,000 residents aged 65 years or older as of 2017, representing more than 16% of its total population. The average life expectancy of its residents is 80.8 years, thus ranking the state as the fourth highest in the country. The advanced age, perhaps, has something to do with the quality of life of its inhabitants, especially as Connecticut is ranked the richest state in the U.S. in terms of per capita income at $36,775 as of 2010.
Despite the relatively comfortable way of life for seniors, the state has in place a comprehensive suite of benefits for people aged 65 years and up. As of 2018, Connecticut has over two dozen programs to support its aging community, including healthcare (Medicare, Medicaid, and insurance counseling), housing, energy and weatherization, eduction and employment, legal assistance, and long-term care, among many others. These are only apt, as the number of senior citizens is expected to rise exponentially in the next years.
The qualifying age for Medicare and Medigap plans is 65 years old, which means that there will be a high demand for healthcare services tailor-fit for senior citizens moving forward. That said, we can expect to see more insurance providers offering Medicare Supplements and Medicare Advantage products. This projection can go two ways: either Medigap premiums could go lower if more providers emerge, or they could go higher if there the supply remains limited.
Connecticut insurers are not required to offer all of the ten Medicare Supplement plans and are allowed to select which ones to sell. However, they will need to follow government-set rules that apply to all states. If you are about to turn 65 years old or are looking to switch to another Medigap plan, be sure to compare the different Medicare Supplement plans offered in Connecticut to see which one meets your current lifestyle, past and projected health status, and budget.
Best Time to Apply for Ohio Medigap
The Open Enrollment period is the best time to apply for a Medicare Supplement in Ohio. This is the six-month period that begins on the first day of the month you turn 65 years old. Thus, if you become 65 on August 24, your window starts August 1.
During this time, you may apply for any Medigap policy you want from any insurance provider in the area. Your application will be guaranteed approved, and it will not be subjected to medical underwriting. Additionally, it will not come with higher fees due to a past or current health condition.
Being Eligible for Medigap in Connecticut
Your application for a Medicare Supplement plan is conditional on your Medicare membership. You have to be 65 years old and enrolled in both Original Medicare Part A and Part B.
Take note that you will be paying a monthly premium for your chosen Medigap plan in addition to the fees that you are already paying for Medicare Part B.
Medicare Supplements are not standalone products, even though they are sold through private agencies. Also, because they are offered outside of the government’s control, insurance companies can set prices independently. It is important to know how Connecticut insurance firms determinepricing so you can better predict how much you are going to spend in the future.
You might go for the cheapest Medigap plan now, but then find out later that the out-of-pocket expenses are bigger down the line. It is also common practice among private insurers to increase premium pricing once a year, so be sure to find out if this is the case with your preferred company.
How Much Do Medicare Supplements Cost in Connecticut?
What is the cost of Medicare Supplements in Connecticut? As of 2018, the average cost of Medigap plans in the state is $155.08/month, or $1,861/year.
The state of Nevada has the highest per-month average at $162.25, while Hawaii has the lowest at $109.16. Remember that this rate is just an average of what insurance companies charge for Medicare Supplement products in the state. This can go lower or higher depending on the company selling it and the type of Medigap plan selected.
The cost of Medicare Supplements is different per company, so it is wisest to compare first. When shopping around for insurance providers, find out which ones offer Medigap plans and which of the ten standardized policies they offer.
Other factors you should consider before choosing include whether they offer special discounts for couples, women, non-smokers, those willing to pay annually, if you’re interested in buying any of their other insurance policies on offer, and more.
Important Updates About Medigap
Starting January 1, 2020, Medigap plans sold to new Medicare members in Connecticut (and other U.S. states) will no longer include the Part B deductible benefit. Thus, Medigap Plan C and Plan F will no longer be sold to new enrollees.
If you already have these two plans, you may continue to still use them. The same applies if you are eligible for Medicare by the said date but did not enrol yet.
Another thing to note is that Plan D and Plan G policies purchased on or before June 1, 2020 will offer different benefits from the ones bought before the said date. Plans E, H, I and J are also no longer being sold to new enrollees, although you may continue to keep them if you already have them.
Understanding how Medicare and Medicare Supplements work can be confusing. To add to that, as of January 2019, there are dozens of insurance providers offering Medicare Supplement policies in Connecticut alone. If you need help on how to go about Medigap plans or do not know where to begin, our team of licensed Medigap advisors can answer questions and guide you through the entire process. Contact us at 1-800-791-0150 .
