Oregon Medicare Supplement
If you are turning 65 years old and are a resident of Oregon, it’s time for you to sign up for Medicare insurance and start considering what type of Medicare Supplement best fits you. While Original Medicare already provides a plenty of benefits, it does not cover most of the possible scenarios that you might face in your old age. Supplementary insurance in the form of Medigap plans can help take care of such expenses so you don’t use all your retirement savings just for your medical needs.
Medigap is made of up 10 policies, all of which are federal government standardized. This is the government’s way of ensuring that all seniors get the same level of benefits wherever they are in the country, though how much they cost will differ depending on the insurance company selling it. There are three states have differently-structured Medigap programs (Minnesota, Massachusetts and Wisconsin) but that’s reserved for another discussion. The ones offered in Oregon have the same minimum standard benefits as those offered everywhere else in the country.
Medicare for Oregon Senior Citizens
Oregon residents who are turning 65 years old and have already applied for Social Security or Railroad Retirement Board benefits should expect to receive a Medicare card and packet via mail about three months before their 65th birthday. Those who haven’t yet applied for retirement benefits should get in touch with Social Security to see if it’s still possible to enrol without having to pay penalties. The SSA is the government agency that determines eligibility, premiums and penalties.
Medicare Supplements are available to seniors aged 65 years and who are also enrolled in both Original Medicare Part A and Part B. There are two important windows that incoming seniors should watch out for when they seek membership: Initial Enrollment Period (IEP) and Open Enrollment Period (OEP).
IEP is the seven-month period surrounding your 65th birth month; specifically the 3 months before the month you turn 65 and the 3 months after it. If you are auto-enrolled to Original Medicare, having it shouldn’t be a problem, but you miss your IEP, you will have to do it during your General Enrollment Period. This is a fixed schedule that begins in January 1 and ends March 31 every year.
Open Enrollment Period (OEP) refers to Medicare Supplements, which will only be accessible if you have both Part A and Part B. OEP is a six-month window that starts on the first day of the month you turn 65. During this period, insurance providers are guaranteed to approve your Medigap application and will not require you to undergo any medical underwriting. They will also not be allowed to charge higher fees. If you miss the OEP, you can be denied a policy or given higher premium charges.
Senior Citizens In Oregon State
According to the U.S. Census Bureau, Oregon is facing a so-called “silver tsunami” because of its rapidly rising number of individuals aged at least 65 years old. And that’s not just in the state. All over the country, the number of senior citizens is expected to reach 88.5 million by the year 2050, with nearly one in five citizens aged 65 and up by the year 2030.
Around 14% of Oregon’s total population is made up of seniors; of which, 28% are living alone. Figures also show that 6% of senior households live off an average annual income of less than $10,000, while 23% have less than $20,000. Oregon ranks third among U.S. states for long term care and 9th in health rankings.
These numbers highlight how important it is to have insurance programs that will help augment expenses in the future. Medicare and Medicare Supplements (as well as other types of insurance products) provide the peace of mind that the elderly need, especially at this age when most have already stopped working and are just relying on their savings to get by.
Applying for a Medicare Supplement in Oregon
In order to qualify for any Medigap policy in Oregon, you must be a resident of the state AND already be enrolled in Original Medicare Part A and Part B. Also, do note that while Original Medicare is sold by the government, Medigap plans are purchased through private insurers. That said, you can expect monthly premiums to be different depending on the company and your location. There are dozens of firms that sell Medicare Supplements in Oregon so do you research and compare offerings to see which one fits you best.
Medicare and Medicare Supplements do not take care of all the healthcare requirements of seniors, but having them is a lot better than not getting one. Note that they do not cover vision or dental care, long-term care (as in a nursing home), hearing aids, private-duty nursing, and prescription eyeglasses. If you want coverage for these, you may purchase them as extras. Some Oregon-based insurance providers offer a discounted rate for non-smokers, spouses, female buyers, or groups, so be sure to ask your preferred company about any discounts or entitlements that its subscribers have.
Cost of Oregon Medicare Supplements
The average cost of Medicare Supplements in Oregon is $122.33/month, or $1,468/year. The highest per-month average of $162.25 and $158.66 are recorded for Massachusetts and Nevada, respectively, although Massachusetts has a unique Medigap structure unlike other U.S. states. Hawaii has the lowest average at $109.16 per month.
Actual pricing will depend on the type of plan that you avail and the insurance company selling it. While the government requires that all Medicare Supplements have the same benefits across the country, regardless of the seller, the companies are allowed to set their own premium rates as they see fit.
Important Changes To Remember
There are certain changes coming to Medigap guidelines in the next years. Starting January 1, 2020, Medigap plans sold to new enrollees will no longer include the Part B deductible (Plan C and Plan F). However, if you have already enrolled in these, you may continue to use them. Researching about and comparing Medicare Supplement plans can be overwhelming, particularly to new enrollees or those who are looking to make a switch. Our expert team of licensed Medigap advisors can assist with all Medicare Supplement related inquiries for Oregon, as well as guide you through the whole selection process. Talk to us at 1-800-791-0150 .
