Texas Medicare Supplement Plans
Texas is one the biggest states in the country and is home to a large number of immigrants as it sits along the U.S.-Mexico border. As of January 2019, the U.S. Census logs its total population at 29.1 million. With a growth rate of 1.8%, it is ranked third in the country. This is what makes it one of the biggest markets for government-provided and private health care products and services.
Medicare Supplements (Medigap) were created by the government to fill in the “gaps” that Original Medicare cannot shoulder for budgetary reasons. There are 10 standardized Medigap plans and these are to be sold by private insurance agencies all over the country without any changes to the list of benefits. The rates charged for monthly premiums may vary according to the provider, but the basic inclusions will be the same regardless of one’s location. This is considered the government’s way to ensuring that all elderly citizens have access to the healthcare services and products they need in their old age.
Texas Senior Citizen Statistics
Of the 20.2 or so million adults, 3.2+ million are composed of senior citizens. From this number, 340,000 are aged 65 to 74 years old, 277,000 are aged 55 to 64 years old, 270,000 are aged 75 years and up. The World Population Report also states that of the almost 1.5 million veterans living in the state, 28.54% are disabled and 6.54% have low incomes. Such numbers are significant to determine how much Medicare, Medicare Supplement or even Medicaid assistance is needed in this area.
The reality that Texas is one of the most rapidly aging states in the U.S. makes more important the discourse on how both government and private sectors must adapt to this changing demographic in ways that will benefit all age groups. As more positive aging policies are introduced for residents in retirement, younger generations also stand to gain plenty for their future.
The creation of Medicare Supplements is one of the most stable and tested methods of providing elderly care services in ways that the actual senior citizens can cope with. Fortunately, Medigap plans come in a range of monthly premium rates that are comfortable for individuals of different financial backgrounds.
Eligibility and Applying for Texas Medicare Supplements
Texas residents can sign up for Medicare Supplements if they are at least 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, which begins on the first day of the month that you turn 65. For example, if you are celebrating your 65th birthday on June 15, then your Open Enrollment period starts in June 1. During this time, you can apply for and are guaranteed approved for any Medigap plan you want, and insurance providers will not subject you to any medical underwriting or charge higher premium fees due to a past or present health condition. However, if you miss this window, you risk having your application denied or charged with a higher fee if you have health issues.
Cost of Medicare Supplements in Texas
The average cost of Medigap plans in Texas is $155 per month, or $1,860 per year. Texas belongs to the more expensive averages for Medicare Supplements in the country because of the relatively high cost of living in the area. For comparison purposes, the most expensive state for Medigap is Nevada ($158.66/month or $1,904/year), while the least expensive state is Hawaii ($109.16/month or $1,310/year).
Medigap Supplements: Basic Benefits
Regardless if you live in San Antonio, Austin, El Paso, Frisco, Waco, Pasadena or any other Texas city or county, the benefits offered under Medicare Supplements will be the same. Insurance providers have the prerogative to set prices for their monthly premiums and may include other benefits in addition to the basic list. The mix of benefits also depends on the type of Medigap plan you avail. The more comprehensive your policy is, the higher the monthly premium (but the small your out-of-pocket spending can be in the long run).
The basic benefits for Texas Medigap plans are as follows:
– Medicare Part A coinsurance and hospital expenses (up to an extra 365 after Medicare benefits are used)
– Medicare Part B coinsurance or copayment
– Blood (first 3 pints)
– Part A hospice care coinsurance or copayment
– Skilled nursing facility care coinsurance
– Part A deductible
– Part B deductible
– Part B excess charges
– Foreign travel emergency costs (up to plan limits)
Important Notes About Texas Medicare In 2020
Starting January 1, 2020, Medigap plans will no longer include the Part B deductible in their list of benefits. This means that Plan C and Plan F will not be offered to new Medicare enrollees anymore after the said date. However, if you already are enrolled in these plans, you may continue to use them. In addition, if you were eligible for Medicare before January 1, 2020 but haven’t enrolled yet, you may also purchase them.
Benefits listed under Medigap Plan D and Plan G policies that were purchased before June 1, 2010 are different from those bought after the said date. Also, Plans E, H, I, and J are also no longer being sold, although those who already have them may still continue to use them.
Take note that not all 10 Medigap policies are available with insurers. This is because private companies are federally-allowed to be selective in their offerings. However, all of them are required to offer Plan A; and if they offer any other policy, they should have either Plan C or Plan F on their list of offerings for old members and either Plan D or Plan G for new enrollees. Before making a choice, be sure to compare rates between insurance providers first and see if they offer the plans that you are interested in.
Should you need further assistance in choosing the right Medicare Supplement plan for you, our team of experienced and licensed Medigap advisers will be happy to help. Contact us at 1-800-791-0150.
