Ohio Medicare Supplement Plans
The Ohio senior citizen population is rapidly increasing, so there is plenty of inquiries on the benefits of Medicare and how important it is to enroll in either Medicare Advantage or Medicare Supplements (Medigap). While Original Medicare provides a long list of benefits for Americans, these are not enough to support the healthcare needs of individuals in their twilight years.
Medigap, while optional, is seen as a necessary part of retirement because it closes the “gaps” in products and services that Medicare does not cover. If you are an Ohio resident, are retiring, and are concerned about potential out-of-pocket expenses that can occur with aging, the wise step would be to also enroll in any of the 10 standardized Medicare Supplement plans.
Ohio Senior Citizen Statistics
Ohio is one of the most populous states, but its growth is expected to go up by less than 0.1% over the next three decades. This is because majority of its residents are senior citizens or would-be seniors. In fact, the Scripps Gerontology Center predicts that by 2025, over one in four Ohio residents will be aged 60 years and older. In its latest report, the number of individuals aged at least 60 years will be up from 2.8 million in 2020 to 2.9 million in 2040. Those aged 65 and up will grow from 1.62 million to 2.32 million. Those aged 85 years and up will rise from 230,000 to 389,000.
The qualifying age for Medicare and Medigap plans is 65 years old, which means that there will be a high demand for healthcare services tailor-fit for senior citizens over the next years and into the future. That said, we can expect to see more insurance providers offering Medicare Supplements and Medicare Advantage products. This projection can go two ways: either Medigap premiums could go lower if more providers emerge, or they could go higher if there the supply remains limited.
Thus, the important thing for would-be enrollees of Medicare Supplements is to find out which insurers are offering the best and most cost-effective policies—and what their projections are for the future in terms of benefits and pricing.
Ohio insurance agencies are not required to offer all of the ten Medicare Supplement plans. They are allowed to select which ones to offer, though they will need to follow government-set rules that apply to all states. If you are about to turn 65 years old or are looking to switch to another Medigap plan, be sure to compare Ohio Medicare Supplement plans to see which one meets your current lifestyle, past and projected health status, and budget.
When to Apply for Ohio Medigap
The Open Enrollment period is the best time to apply for a Medicare Supplement in Ohio. Open Enrollment is the six-month window that starts on the first day of the month you turn 65 years old. During this time, you may apply for any Medigap policy you want from any insurance provider in the area. Your application will be guaranteed approved, and it will not be subjected to medical underwriting. Additionally, it will not come with higher fees due to a past or current health condition.
Ohio Medicare Supplement Eligibility
Your application for a Medicare Supplement plan is conditional on your Medicare membership. You have to be 65 years old and enrolled in both Medicare Part A and Part B. Take note that you will be paying a monthly premium for your chosen Medigap plan in addition to the fees that you are already paying for Medicare Part B.
Medicare Supplements are not standalone products, even though they are sold through private agencies. Also, because they are offered outside of the government’s control, insurance companies can set prices independently. It is important to be aware of how Ohio insurers determine Medigap pricing so you can better predict how much you are going to spend in the future. You might go for the cheapest Medigap plan now, but then find out later that the out-of-pocket expenses are bigger down the line. It is also common practice among private insurers to increase premium pricing once a year, so be sure to find out if this is the case with your preferred company.
How Much Ohio Medicare Supplements Cost?
What is the cost of Medicare Supplements in Ohio? As of 2018, the average cost of Medigap plans in the state is $137.25/month, or $1,647/year. The state of Nevada has the per-month average at $162.25, while Hawaii has the lowest at $109.16. Remember that this rate is just an average of what insurance companies charge for Medicare Supplement products in Ohio. This can go lower or higher depending on the company selling it and the type of Medigap plan selected.
The cost of Medicare Supplements is different per company, so it is wisest to compare first. When shopping around for insurance providers, find out which ones offer Medigap plans and which of the ten standardized policies they offer. Other factors you should consider before choosing include whether they offer special discounts for couples, women, non-smokers, those willing to pay annually, if you’re interested in buying any of their other insurance policies on offer, and more.
Important Updates About Ohio Medicare Supplements
Starting January 1, 2020, Medigap plans sold to new Medicare members in Ohio will no longer include the Part B deductible benefit. Thus, Medigap Plan C and Plan F will no longer be sold to new enrollees. If you already have these two plans, you may continue to still use them. The same applies if you are eligible for Medicare by the said date but did not enroll yet.
Another thing to note is that Plan D and Plan G policies purchased on or before June 1, 2020 will offer different benefits from the ones bought before the said date. Plans E, H, I and J are also no longer being sold to new enrollees, although you may continue to keep them if you already have them.
The little details and constant updates on Ohio Medigap plans can be confusing. As of January 2019, there are dozens of insurance providers offering Medicare Supplement policies in the state alone. If you need help on how to go about Medigap plans or don’t know where to begin, our team of licensed Medigap advisers are more than willing to guide you through the process. Contact us at 1-800-791-0150.
