Utah Medicare Supplement
Senior citizens who live in Utah and are already beneficiaries of Medicare Part A and Part B might find that these are not enough to cover the cost of healthcare in this life stage. As your needs change, so do the range of services and treatments available — and they can get quite expensive. While Medicare Part A and B do cover a variety of medical and hospital fees, you will still be responsible for the rest of the amount that goes beyond the limit. These can include coinsurance, copayments, and deductibles. This is where the value of a Medicare Supplement is highlighted.
What Medicare Part A and Part B Include
Medicare is divided into four parts, but Part A and Part B are the most common. Part C, also called Medicare Advantage, is sold through private insurance agencies and is labeled as an alternative to Parts A and B. Part D is prescription drug coverage, which you should also purchase separately.
Medicare Part A covers hospital insurance in an in-patient setting. It also includes access to hospice care, home health care, skilled nursing facilities (though not for long-term or custodial care), and critical access hospitals. Meanwhile, Part B take care of most medically necessary services, such as outpatient care, doctor’s professional fees, and a range of preventive services. You will need to have a Part B coverage if you want to have Part A.
What Medicare Supplements Offer
Talking about Part A and B are important because both are necessary to qualify for any of the 10 government-standardized Medicare Supplement policies. Also called Medigap, these are plans designed to supplement the costs that original Medicare does not cover, or the so-called “gaps.” If you have Medicare plus a Medigap plan, Medicare will pay its share of certain services and procedures according to its pre-set limits. Then, your Medigap plan will step in to pay for its share. In certain instances, a senior citizen can end up with zero billing.
All Medigap plans are required to follow federal and state laws regardless who is selling them. They also must be clearly packaged during the sale as a “Medicare Supplement Insurance.” Private insurers are also bound to sell the exact same product that the others are selling anywhere else in the United States. This is to ensure that all seniors have access to the same guarantees wherever they are located.
What might differ, however, is the cost of monthly premiums. In this regard, insurance agencies are given the freedom to set their own pricing and to attach optional riders to the basic policies to attract more clients.
Medigap plans are divided into 10 (or 11 if you count the high-deductible F plan). Their levels of coverage of the pre-set features vary, with the most comprehensive one being Plan F and the most basic one being Plan A. Insurance agencies can opt sell only a few of the 10 available, though all of them are required to sell at least Plan A. Medicare Supplements typically include the following:
– Medicare Part A coinsurance and hospital costs
– Medicare Part A coinsurance or copayment
– First three pints of blood
– Skilled nursing facility care
– Foreign travel emergency costs (up to the plan’s limits)
– Medicare Part B coinsurance or copayment
– Part A hospice care coinsurance or copayment
– Part A deductible
– Part B deductibe
– Part B excess charges
Enrolling in a Medicare Supplement Plan in Utah
In Utah, same with the other states, you must be enrolled in both Part A and Part B and be at least 65 years old in order to qualify for a Medigap plan. The best time to enrol is during your OEP, or Open Enrollment Period, which is the six-month window during which you will be guaranteed approved for any policy you apply for. Guaranteed issue means that insurers cannot reject your application, regardless of any pre-existing health condition or any health issues you might have. Additionally, you will not be slapped with higher monthly premiums because of these.
While you can certainly apply for a Medigap plan at any time, you can expect to encounter problems if you have any health concerns. Insurance agencies will have the right to require medical underwriting for their applicants and they can also turn you down altogether. This is why it’s important that you adhere to your OEP to avoid any trouble with your policy.
How To Compare Medigap Plans in Utah
How do you compare the Medigap plans available in your area? You can start by deciding which of the ten plans will best meet your healthcare needs. From there, you can start searching for what’s available in your location and then comparing their prices. Bear in mind that lower monthly fees can also come with higher out-of-pocket costs, so be sure to study the entirety of the plan itself and not just make a decision based on the premiums. If you project your health to veer towards the unstable in the next years, the best bet would be to go for the most comprehensive plan so you have everything covered (just in case).
The average cost of Medicare Supplements in Utah as of 2018 is $133/month ($1,596/year).
How Can We Help?
Are you still deciding whether or not a Medicare Supplement is for you? Can’t make up your mind about the type of Medigap plan you should purchase? Our team of licensed insurance advisers can help you lay out all your options so you can come to an informed decision that will not cause a dent in your savings. Don’t hesitate to reach out to us through 800-791-0150.
