Mississippi Medicare Supplement
Many senior citizens look forward to retirement, as it is the time when they can finally get away from the droll of employment and start enjoying the leisurely activities that couldn’t afford when they were still part of the workforce. However, a great number of elderly Americans are also with limited funds to tide them over in their old age. This is why federal health insurance Medicare and government-regulated Medicare Supplement plans are an inevitable topic of discussion.
As of the fourth quarter of 2018, the number of adults without any form of insurance in U.S. stood at 13.7%, which is reportedly the highest since 2014. Even the latest report from the Population Reference Bureau predicts that the number of adults ages 65 years and older will increase by over 100% to 98 million by the year 2060, from around 46 million in 2019, bringing its share of the total U.S. population to almost 24% (from 15%).
Medicare and Medicare Supplements (Medigap) were created by the federal government to help augment the cost of providing healthcare services to Americans, and with the growing percentage of baby boomers, having both is all the more important. While Medicare already provides access to basic health services, it does not shoulder a good chunk of what a senior citizen needs to live healthily and comfortably in his or her old age. Medigap plans are, thus, intended to help fill the “gaps” and make insurance spending more predictable.
Medicare Supplements: Key Benefits
Original Medicare consists of four parts: Part A (hospital coverage), Part B (doctor and medical expenses), Part C (AKA Medicare Advantage), and Part D (prescription drugs). In order for you to qualify for any Medicare Supplement, you will be need to be enrolled in BOTH Part A and Part B, which are provided by the state and does not cover coinsurance, copayments, and deductibles. Such “gaps” are then shouldered by any of the 10 standardized Medigap plans. Note that Medigap plans are sold through private insurance companies.
How does it work? Medicare first pays for the parts that it covers before Medigap steps in to pay its share. Depending on the condition and the type of plan you have, you can stand to pay absolutely zero in healthcare and medical bills. All Medigap plans are government mandated, which means they are uniform all over the country. Its benefits include the following:
– Part A hospital expenses and coinsurance
– Part B copayments and coinsurance
– Part A hospice care coinsurance or copayment
– Part A and Part B deductible
– Part B excess charges
– First 3 pints of blood, and
– Foreign travel emergency expenses (up to a pre-set limit)
What Are Not Included in Medigap’s Coverage?
Beyond the above mentioned benefits, seniors will have to purchase additional insurance from private providers. Medicare Supplements do not include dental and vision care, eyeglasses, hearing aids, care in a nursing home or similar, and private-duty nursing services. Typically, insurance agencies offer discounted rates on premiums if you purchase additional policies on top of your chosen Medigap plan. It also offers special pricing for couple or group subscriptions.
When To Apply for Medicare Supplement Insurance
Your Open Enrollment period is the best time to apply for any Medigap plan because of the approval guarantee. This period begins on the first day of the month you become 65 years old and ends six months after. When you enrol during your OEP, the insurance provider is required to approve your application regardless of your health status. You are also not required to undergo any medical underwriting or assessment. In addition, the insurer will also have to charge you its regular rates for its monthly premiums.
Conversely, if you miss this six-month window and apply after it has passed, the you run the risk of being denied a plan. Otherwise, the insurer can charge a higher premium than its standard rate because of your health condition.
Number of Senior Citizens in Mississippi
According to latest figures from America’s Health Rankings 13.7% of Mississippi residents aged 65 years and up live in households that are at or below 100% of the poverty line. It defined poverty among seniors as a measure of educational attainment, dental visits, high health costs, early death and the avoidance of care due to the expenses involved.
Paying for medical care is a challenge for many local seniors, as many have meager savings and limited sources of income. That said, many call on the aid of social security, supplemental security income, Medicaid, Medicare, and affordable housing programs to sustain themselves and survive.
How Much Medigap Plans Cost in Mississippi
The average cost of Medigap policies in Mississippi is $149.16 per month, or $1,790 per year. It ranks among the highest priced plans in the U.S., with this list led by Massachusetts ($162.25 per month) and Nevada ($158.66 per month). The lowest averages were recorded in New Mexico ($122 per month) and Hawaii ($109.16 per month).
Actual prices vary depending on the insurance provider, so be sure to compare rates among the agencies in your area first before purchasing any plan. If you have more questions about how Medicare and Medigap policies work in Mississippi, or are still unclear over what plan is best for you, our team of expert advisers will gladly assist. You may contact us at 1-800-791-0150 .
