Tennessee Medicare Supplement
Senior citizens in Tennessee will be glad to know that there are dozens of insurance providers in the state that offer Medicare Supplement products. According to the World Population Review, there are around 6.8 million people in Tennessee as of 2019, some one million of whom are seniors.
The increasing number of elderly residents is calling for an also increased number of healthcare service providers to meet the demand. Even with Medicare and other state-centric elderly-focused health programs in place, the government simply cannot shoulder all of the costs related to such services. It is for this reason that Medicare Supplements (also called Medigap) were created.
Medicare and Medicare Supplements
Medicare is a government provided and regulated health insurance plan designed for senior citizens in the United States. It is made for those who are at least 65 years old, or those under 65 but have been diagnosed with End-stage renal disease and certain disabilities. It is divided into four plans: Part A, Part B, Part C, and Part D.
Part A refers to hospital insurance and helps cover expenses related to inpatient care in a hospital, home health care, hospice care, and skilled nursing facility care. Part B, or medical insurance, helps cover outpatient care, services from physicians or other healthcare providers, preventive services like shots and screenings, and durable medical equipment, such as walkers, wheelchairs, hospital beds, and more.
Part C, also called Medicare Advantage, is sold through private insurance agencies that contract with Medicare. Simply put, it is an alternative to the original Medicare program itself. Finally, Part D, or prescription drug coverage, helps shoulder the cost of prescription medications but are run by private insurance companies that follow guidelines that the government has set.
In order to qualify for a Medicare Supplement plan, you will need to be at least 65 years old and enrolled in both Part A and Part B. The amount you pay for Medigap plans is separate from what you are already paying for with your Part B coverage. Medigap plans are sold through private insurance companies but offer the exact same list of benefits and are regulated by the federal government. This is because the state cannot shoulder all of the healthcare needs of seniors, and supplements can help fill the “gap” by providing the pertinent benefits that the original plans do not cover.
There are 10 Medigap plans and all these are standardized by the federal government. This is to ensure that all seniors across the United States have access to the same benefits regardless of their location. These benefits include:
– coinsurance and hospital costs for Medicare Part A,
– coinsurance or copayment for Medicare Part A and Part B,
– coinsurance for skilled nursing facility care,
– coinsurance or copayment for Part A hospice care,
– first 3 pints of blood,
– Part A deductible,
– Part B deductible and excess charges, and
– foreign travel emergency costs.
Cost of Medigap Plans in Tennessee
As of 2018, the average cost of premiums for Medigap plans in Tennessee is $134.75 per month, or $1,617 per year. It belongs to the mid-tier when compared to the other states’ averages. The highest rate per month is recorded in Massachusetts at $162.25 per month, while the lowest average is logged in Hawaii at $109.16 per month.
Take note that these are mere averages and that the actual cost will depend on the insurance company selling it. While the benefits are government-determined, insurers have the liberty to set their own pricing schemes as they see fit, so your prospective provider might have a lower or higher rate. That said, it is important that you do your research first and compare prices and any other extra benefits before purchasing anything.
What Medicare Supplements Do Not Include
Note that not all insurance providers provide the full range of Medicare Supplements. They may choose to sell only a few that they think would best fit the residents in their area or are the most marketable. However, all insurers that have Medigap plans in their list of products are required to sell Plan A policies. If they offer any other plan, then they are also required to offer either Plan D or Plan G to new enrollees or either Plan C or Plan F to those who are not new to the Medicare system.
Starting January 1, 2020, plans that include the Part B deductible will also no longer be offered to new enrollees. However, if you already have Plans C and F (which have Part B deductible), you may still continue to use them.
Another important point to highlight is what Medigap does NOT cover. These include private duty nursing, long-term care (as with a nursing home), vision or dental care, eyeglasses, and hearing aids.
We Can Help
Do you have questions about acquiring a Medicare Supplement in Tennessee or any other state? Our team of licensed Medicare and insurance advisors can assist you in making an informed decision before buying any policy. We are more than happy to guide you through the entire process of comparing plans and determining which products will benefit you the most. Get in touch with us at 1-800-791-0150.
