Maine Medicare Supplement
Getting a Medicare Supplement insurance in Maine is easy because there are plenty of companies that offer this product. While the numbers of plans they carry in their rosters differ (as providers can decide according to what their market needs) residents of Maine can be confident that they will be able to find a suitable Medicare Supplement policy in their area.
Why You Need Medicare and a Medicare Supplement
Medicare is a government-funded insurance program that is designed to provide basic healthcare services to Americans aged 65 years and up and certain qualified individuals under 65. While it provides a robust mix of benefits, these are still not enough to address the real health and wellness needs of a senior citizen. In comes Medicare Supplements, also called Medigap, which were created to “fill the gaps” that the government is not able to provide.
Medigap plans are sold through private insurance agencies but their benefits are the same across the country. This is the state’s way of ensuring that all of America’s elderly receive uniform services no matter where they reside. Private companies may set their own pricing for monthly premiums but they are not allowed to reduce or alter the benefits listed for each of the 10 Medicare Supplement plans.
Note that Medigap policies are optional, so if you are healthy then you can opt not to sign up for one and just stay with what your Medicare plan offers. However, given the rising cost of healthcare in the country and the challenges that threaten one’s existence, having a Medigap plan to firm up your protection seems to be necessary. After all, one cannot really predict what will happen in the future, so it is best to just always be prepared.
Benefits of a Medicare Supplement
If you are enrolled in Original Medicare’s Part A and Part B policies, then you are qualified for a Medicare Supplement plan. Take note that the monthly premium you pay for a Medigap plan is in addition to what you are already shouldering for your Medicare Part B. These two policies work hand-in-hand whenever you come to any health emergency. Medicare will first take care of its share of approved amounts for covered healthcare issues, and then Medigap steps in to pay for its share, such as coinsurance, copayments, and deductibles.
This significantly reduces the amount you need to pay out-of-pocket, which is crucial when you are already in retirement and no longer have a monthly source of income. In some cases, a patient ends up with zero billing.
Here are the benefits included in a Medicare Supplement plan (covered in varying degrees depending on the type of policy you choose):
- Medicare Part A hospital costs and coinsurance
- Medicare Part B coinsurance or copays
- Part A hospice care coinsurance or copays
- First 3 pints of blood
- Skilled nursing facility care coinsurance
- Part A and Part B deductibles
- Part B excess charges
- Foreign travel emergency costs (up to plan limits)
Medigap does NOT include the following. If you want to have these added to your plan, you will need to speak to your insurance provider for a separate policy.
- Dental or vision care
- Hearing aids and eyeglasses
- Private duty nursing services
- Long-term care (e.g., non-skilled care from a nursing home)
If you are interested in a specific type of Medigap plan, the find out first if the providers in your area of Maine are offering what you are looking for. Private agencies are not required to sell every Medigap policy. However, they should offer Plan A. If they intend to sell any other policy, then they are required by law to sell either Plan F or Plan C to those who are not new to Medicare and either Plan G or D to those who are new to the system.
Open Enrollment Period (OEP)
When is the best time to apply for a Medigap plan? During your OEP. This period begins on the month that you first enroll in Medicare Part B (or the month you turn 65 years old) and ends six months after. During this time, you are sure to be approved for any Medigap plan you apply for and will not be asked to undergo any medical underwriting. This means that regardless of your health status, you can purchase any policy you want without question.
However, if you enroll past your OEP, then your option to purchase a policy will be limited. Your insurance provider might charge you a higher monthly premium rate than the usual due to health and other factors, or it may just reject your application entirely.
Medicare Supplement Insurance in Maine
There are almost a dozen companies in Maine that sell Medicare Supplement insurance plans as of 2020, with some effecting a three- to six-month pre-existing exclusion period and others not requiring such at all. Their monthly fees vary and there are those that offer discounts on additional coverage (not included in the typical policy) if you purchase a plan from them.
Compared to other U.S. states, Maine Medicare Supplement insurance fees belong to the cheaper side of the spectrum, with the average monthly cost for a Plan F hitting $125.58 (or $1,507 per year). For reference, the average for the same policy is the highest in Massachusetts at $162.25 per month (or $1,947 per year) and lowest in Hawaii at $109.16 per month (or $1,310 per year).
Take note that the rates mentioned are averages, so it is best for you to shop around and compare providers and policies before settling on a specific plan. If you are unsure about how to get started with your search, our team of Medigap experts will be happy to assist you every step of the way. We can help you with finding out the best possible plans available in your area, according to your health needs and budget, so that you sign up with the right policy and provider. Do not hesitate to get in touch with us at 1-800-791-0150.
