South Carolina Medicare Supplement Plans
South Carolina is home to a quite a number of insurance agencies that offer Medicare Supplement plans. According to the U.S. Census Bureau, the state’s total population is expected to grow to 5.15 million by the year 2030, of which 22% will be composed of people aged 65 years and up. It is also projected to rank 15th in the country in terms of senior demographics by the said year.
Because most senior citizens have most likely gone into retirement in their 60s, the federal government created the Medicare program to help augment the costs of aging at a time when a regular income would be scarce. Seniors will be depending on their retirement savings, if any, to get them through their twilight years, not just to finance the daily cost of living, but also for their increasing healthcare needs. The Medicare program is quite comprehensive, but it is leaves out certain products and services that seniors will. This why Medicare Supplements (Medigap) were created.
The 10 standardized policies under the Medigap system is a way for seniors to pay for their needs according to their budget, lifestyle, current health status and projected health-related concerns. Because the Original Medicare program simply cannot shoulder all of the costs of healthcare, Medigap plans help ensure that such services are within reach—but without draining the elderly’s income. Members can choose plans that offer either the most comprehensive mix of services, if needed, or the lower-cost policies if they are relatively healthy.
Senior Population Numbers in South Carolina
According to the South Carolina Department on Aging, the state is bracing for a “silver tsunami,” which will see the elderly population double to 1.8 million by 2030. While this may bring good news for insurance providers seeing an expanding market, it is important to note that many of South Carolina’s seniors are not too financially equipped to support themselves moving forward.
Figures show that more than 30% of seniors depend on Social Security alone (averaging at $710/month) and 51% of those aged 55 years and up have less than $55,000 in savings. The same agency states that 11.5% of South Carolina’s elderly as living in poverty. This poses a challenge not just for the government, but also for the private insurance industry to provide Medigap plans or insurance products that are affordable without depriving seniors of the care they need. The 10 Medicare Supplement policies vary in pricing, so be sure to check which ones will benefit you the most without draining your finances.
Applying for a Medigap Plan in South Carolina
South Carolina residents can only sign up for Medicare Supplements 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 the Open Enrollment period. This starts on the first day of the month that you turn 65 and ends six months from then. Thus, if you are celebrating your 65th birthday on October 15, then your Open Enrollment period starts in October 1.
During this six-month period, 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 it, you risk being charged with higher premium fees if you have a health condition or be denied membership entirely.
Cost of South Carolina Medicare Supplement
Medicare Supplements in South Carolina are typically priced three ways: no-age rated, entry-age rated, and attained-age rated. For no-age (community) rated pricing, the same monthly premium is charged to every member, regardless of gender or age. For entry age (issue age) rated pricing, the premium is based on your age when you purchased the Medigap plan. Finally, for attained-age pricing, the premium depends on your current age (and can, therefore, increase as you grow older).
The average cost of Medicare Supplements in South Carolina is $135.42/month, or $1,625/year. The state belongs to the mid-tier average among U.S. states. Massachusetts logs the highest per-month average at 162.25, while Hawaii offers the lowest average at $109.16/month.
Because these are just averages, pricing can go higher or lower depending on where you purchase your plan and the type of Medigap plan you avail. Insurance companies are allowed to set their own pricing for Medicare Supplement plans, with some selling the exact same mix of benefits and others tacking on additional services but with higher monthly premiums. Other 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.
Updates on South Carolina Medigap Plans
Starting January 1, 2020, Medigap plans will no longer include the Part B deductible. This means that Plan C and Plan F will no longer be sold to new Medicare enrollees. However, if you already have these plans, you may continue to use them.
Note that 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. Thus, you should research and compare Medigap plans in South Carolina before you make decision. Take note that 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.
The details surrounding Medicare Supplement policies can be confusing, but our team of experienced and licensed Medigap advisers are more than happy to help. You can get in touch with us at 1-800-791-0150. We can assist with all Medigap related inquiries for South Carolina, as well as guide you through the entire selection process.
