Idaho Medicare Supplement

Those living in Idaho and are about to celebrate their 65th birthdays soon know very well that it’s time to start preparing for lives in retirement. If you had been saving up for the golden years for quite a while, then finally getting to spend your hard-earned money in experiences that you enjoy is exciting. 

However, many Americans are without any financial blanket to keep them safe as they age—particularly when it comes to wellness and medical-related issues. In addition, even those who have the retirement funds would rather spend their resources on things that actually comprise leisure, instead of using these to finance their health needs. 

Idaho State has several senior citizen-focused programs, including the Aging and Disability Resource Center by the Idaho Commission on Aging, Fair Housing for the elderly, Veteran’s Benefits, and the Idaho Senior Legal Guidebook. That said, those living here are considered fortunate because the government has seen to it that its aging population is well taken care of. 

Idaho Medicare and Medicare Supplements

One government elderly care program that is uniform across all states is Medicare and Medicare Supplements (aka Medigap). The main difference between the two is that the latter is purely state provided, while the latter, although designed by the state, is sold through private insurance companies. Medicare Supplements, as the name suggests, act as add-ons to one’s Original Medicare plan, and are not accessible without an existing Medicare Part A and Part B membership. 

There are dozens of private agencies that offer Medicare Supplements in Idaho, where 15.5 percent of the state’s total population as of 2020 is composed of people aged 65 years and up. That is high considering that the national senior percentage is 16.3 percent. Nevertheless, going back to what was mentioned earlier, the programs and safeguards established for the elderly population seem to place Idaho’s senior citizens at an advantage. 

Government records on insurance agencies that offer Medicare Supplements in the state show that while insurance providers do not offer all of the 10 government-mandated Medigap plans, many carry at least 50 percent of the mix. This means that those interested in signing up will have a good number of choices. 

As per law, all companies are required to sell Plan A, and if they offer another policy, then they must sell either Plan D or Plan G to people who are new to Medicare and either Plan C or Plan F those who are not. If you are the former, then do not expect that you will be offered Plans E, H, I, and J because they are no longer being sold. However, if you already have these, then you may continue using them. Another important thing to note is that those who buy Medigap after 1 January 2020 will no longer be allowed to avail the part B deductible benefit—which means Plan C and Plan F will no longer be available to newbies. 

Buying Medigap in Idaho

Finding and buying the right Medigap policy in Idaho should be a seamless process because they are many insurance agencies that sell this. However, do not jump and sign with the first company that offers you a plan just yet. 

While the government has ensured that all Medicare Supplement benefits are the same no matter where you are in the U.S., pricing the monthly premiums is left to the discretion of the provider. Thus, you need to compare rates, added benefits (if any), and other conditions by different agencies first before settling on “the one.”

For reference, the average monthly premium for a Plan F policy (Medigap’s most comprehensive), is $126.58 in Idaho (or $1,519 per year), placing it at the lower tier and one of the least expensive. To compare, the lowest average for Plan F is recorded in Hawaii at $109.16 (or $1,310 per year), while the highest average prices are seen in Massachusetts at $162.25 (or $1,947). 

Reminders

• When you’re ready to purchase a Medigap policy, you must take note of these important points:
• You need to pay for the Medigap plan’s monthly premium in addition to what you are already paying for Medicare Part B
• Spouses cannot share a Medicare Supplement policy and will have to buy separate plans; such plans can be different, depending on the policy owner’s needs and budget
• The best time to buy your Medigap plan is during your Open Enrollment Period (OEP), or the six-month grace period during which you are guaranteed approved for any policy at any U.S. state without any medical underwriting required
• If you have an Medicare Advantage Plan (like an HMO from your previous employer) and are planning to go back to Original Medicare, then you may apply for a Medigap plan before your existing coverage expires

Let Us Help
Do you have more questions about how a Medicare Supplement policy can help you and how you can apply for it? We can help guide you through the whole process. Our team of Medigap experts are ready to answer any query you might have and to ensure that you land the best possible insurance product. Do not hesitate to get in touch with us at 1-800-791-0150.