North Carolina Medicare Supplement
North Carolina’s senior citizen population is rapidly growing—and this poses a challenge both for the federal government and the private healthcare services industry. With the number of people aged 60 years old expected to be more than those aged under 18 years in 2019, the state is faced with the task of providing the right mix of care services that will benefit not just this demographic but also all age groups.
While Medicare continues to the be the state’s main healthcare service, it hasn’t been enough to provide everything that those in retirement will need to live comfortable lives. Medicare Supplements (Medigap) have, therefore, been created to ensure that seniors have access to the assistance they need as they age, without being burdened by the financial stress that go with it. Many seniors do have some money saved up for retirement and some have been wise to prepare for it early on. However, not everybody is as fortunate.
The 10 plans under the federal government-created Medigap system is a way for senior citizens to avail of healthcare products and services according to their budget, lifestyle, current health needs and projected health-related concerns. Because the Original Medicare program simply cannot shoulder all of the costs of senior healthcare, Medigap plans help ensure that such services are within reach—but without draining the elderly’s income. They can choose plans that offer the most comprehensive mix of services, if such is what they need, but may also opt for the lower-cost Medigap policies if they are relatively healthy.
North Carolina Senior Citizen Statistics
The North Carolina State Aging Profile shows that from the year 2016 to 2036, the number of people aged 60 years and older will have made up almost half of the state’s overall population. Those aged 60+ will make 26% of the community, those aged 65+ will make up 21%, while those aged 85+ will comprise 3%. The rate of increase from 2016 to 2036 is high and sharp, at 52%, 67% and 107%, respectively.
By the year 2015, one in five North Carolina residents will be at least 65 years old. In fact, in 2019, the state already ranks ninth in the country in terms of overall population and the number of senior citizens. In addition, the same report reveals that the median household income of this aged group is $36,870 (as of 2016), compared to $40,135 for the rest of the U.S.
When it comes to health, North Carolinians aged 65 years and up aren’t exactly the healthy lot. The report shows that 81% had at least one chronic disease and 51% had at least two. Sixty-seven percent said they’ve been actively exercising in the past 30 days. Only 9% said that their health is poor.
What does this mean for Medicare Supplements? This can indicate the increasing demand for Medigap plans, Medicare Advantage, or some other insurance policy designed for the elderly. Note that Medigap plans are not standalone products and are dependent on whether you are already enrolled in both Original Medicare Part A and Part B. Thus, if a senior is a Medicare member (most likely yes), having Medigap plan as supplement is highly necessary. If you are approaching the age of 65 soon, it’s best to start weighing your options and comparing policies early.
Cost of North Carolina Medicare Supplement
The average cost of North Carolina Medicare Supplements is $131.16/month, or $1,574/per year. North Carolina ranks among the mid-tier priced Medigap policies in the country. Massachusetts and Nevada lead this roster with a $162.25/month and $158.66/month average, respectively, while the lowest prices are found in New Mexico and Hawaii, at $122/month and $109.16/month.
These figures are merely averages, which means pricing can go higher or lower depending on the type of Medigap plan you avail and the insurance provider selling it. Sellers are allowed to set their own pricing for Medicare Supplement plans, as they see fit; with some selling the exact same mix of benefits and others tacking on additional services for higher monthly premiums.
Other insurance companies also offer special discounts for couples, women, non-smokers, and other conditions. Some also provide lower pricing if you purchase any other insurance policy beyond a Medigap plan. Medicare Supplements do not cover vision or dental care, long-term care (as in a nursing home), hearing aids, private-duty nursing, and prescription eyeglasses, so you might be interested in extra coverage for such products and services.
North Carolina Medicare Supplement: Eligibility & Application
North Carolina residents can only sign up for Medigap plans if they are 65 years old and are already enrolled in both Medicare Part A and Part B.
The best time to apply is during your six-month Open Enrollment period. This starts on the first day of the month that you turn 65. To illustrate, if you are celebrating your 65th birthday on December 15, then your Open Enrollment period starts in December 1. During this six-month window, you may apply for any Medigap policy and insurance providers will not subject you to any medical underwriting or charge higher premium fees due to a past or present health condition. Your application is guaranteed to be approved. However, if you miss this window, you might be charged with higher premium fees if you have a health condition or be denied entirely.
North Carolina Medigap Plans: Important Updates
Medigap plans will no longer include the Part B deductible in their list of benefits starting January 1, 2020. This means that Plan C and Plan F will no longer offered to new Medicare enrollees. However, if you already are enrolled in these plans, you may continue to use them. Also, if you were eligible for Medicare before January 1, 2020 but haven’t enrolled yet, you may also purchase them.
Private insurance agencies do not have to carry all 10 Medicare Supplement plans in their menu of products. However, there are specific conditions. For one, all of them are required to offer Plan A; and if they do have any other policy on the list, they should offer either Plan C or Plan F to old members (who might want to switch) and either Plan D or Plan G for new members. This is why it is important that you that you should around North Carolina to find out which insurers provide Medigap plans and then compare their pricing plans (and other policies related to premiums).
Dealing with the details of a Medicare Supplement plan can be challenging task, but our team of experienced and licensed Medigap advisers are more than happy to help. We can assist with all Medigap related queries for North Carolina, as well as guide you through the entire selection process, as well. Get in touch with us at 1-800-791-0150.
