Nebraska Medicare Supplement
The number of senior citizens in the United States is rising at a concerning rate, with the U.S. Census Bureau predicting that the population of those aged 65 years and up will outnumber the young ones by the year 2030. This means a greater demand for healthcare products and services and a heightened discussion over the importance of acquiring insurance to prepare one’s self for retirement.
There are programs in place that address these needs, such as Medicare, Medicare Advantage, and other life, retirement, investment products offered through private insurance agencies. But, realistically, not everybody is financially equipped to support their own healthcare requirements, especially when they stop having a steady source of income monthly. For many Americans, having Medicare is enough (and the only thing they can afford), but life planning experts recommend having another form of additional coverage for those items not covered under original Medicare. This is where Medicare Supplements, also called Medigap, come in.
Understanding Medicare Supplement Insurance
Medicare Supplement insurance, as its name shows, is supplementary to your original Medicare plan. This means that it is available only to those who are both 65 years old and up and enrolled in Medicare Part A and Part B. Also, while its list of benefits and governing guidelines are set by the federal government, they are sold through private insurance companies. The monthly premiums you pay for with a Medigap plan is paid in addition to what you are already shelling out for your Part B.
There are 10 Medicare Supplement plans offered, but insurance companies have the freedom to choose only those that they deem to be in high demand. Thus, if you are eyeing a particular type of policy, check first if the provider in your area is selling it. There are dozens of insurers that offer Medigap plans in Nebraska so looking for a seller shouldn’t be a problem. However, expect to see differences in pricing and whether or not they offer additional benefits to the standard list or if they offer special rates.
What is uniform across all insurers offering Medicare Supplements, besides the standard minimum benefits, is that all of them are required to sell Plan A, which is the most basic (and cheapest) plan available. If they do offer any other plan beyond Plan A, they are also required by law to offer Plan C or F to those who are not new to the Medicare program and either Plan D or G to those who are first-timers. The most comprehensive Medigap policy is Plan G, which covers 100% of the standard benefits, plus the Part B deductible, which is $185 in 2019. However, starting January 1, 2020, any plan that includes the Part B deductible will no longer be sold; although if you already have one, you can still continue to use it.
What Medigap Does and Does Not Cover
Medigap has a wide set of benefits, but it is important to be clear on what it does not cover. It doesn’t include long-term care (as with a nursing home), dental or vision care, hearing aids, eyeglasses, and private duty nursing.
What it covers are the following:
– coinsurance or copayment for Original Medicare Part A and B,
– coinsurance and hospital expenses for Original Medicare Part A,
– coinsurance or copayment for Part A hospice care,
– coinsurance for skilled nursing facility care,
– Part A deductible,
– Part B excess charges and deductible,
– Blood (up to the first 3 pints), and
– foreign travel emergency costs (up to plan limits)
How Much Medicare Supplements Cost in Nebraska?
As mentioned, there are plenty of insurance providers that sell Medigap plans in Nebraska but they differ in terms of price. As of 2018, the average cost of Medicare Supplements in the state is $137.58 per month or $1,651 per year. To compare, the lowest average is recorded in Hawaii ($109.16 per month), while the highest average is seen in Massachusetts ($162.25 per month). The actual premium rates can go higher or lower depending on the insurance company, whether or not extra benefits are included, and the location.
If you still have questions about how Medicare and Medigap works or if you’d like some assistance in choosing the right Medicare Supplement plan in Nebraska (or any other state), we can help. Our team of licensed advisors can walk you through the entire process of assessment and selection, so you can land a policy that suits your health status, lifestyle, and budget. Do not hesitate to get in touch with us at 1-800-791-0150.
