Wyoming Medicare Supplement
The state of Wyoming is one of the smallest in the United States, logging a population of around 572,000 as of 2019. Its land area is huge, in fact tenth in the country, but its numbers are low, with around 5.85 people per square mile. Of this number, around 85,000 are senior citizens.
Despite the sparsely populated land area, Wyoming senior population is reportedly facing a crisis, so with the rest of the states. With the baby boomer generation now almost fully occupying the senior demographic, the government face the challenge of providing assistance in terms of healthcare and general welfare. There are plenty of insurance programs in place, but not everybody is able to afford the high monthly premiums that these private providers offer. This is why the likes of Medicare and Medicare Supplements (Medigap) were created.
Medicare and Medicare Supplements
Medicare is divided into four parts: A, B, C, and D. Part A and Part B, covering in-patient hospital expenses and outpatient costs, respectively, are also known as Original Medicare. Part D covers prescription drugs costs. Part C, also known as Medicare Advantage, is a combination of A, B and, sometimes, D, but is sold through private insurance agencies.
For some seniors Original Medicare is enough; that is, those who are particularly healthy and have a positive health projection for the coming years. For most, however, what it offers does not suffice. This is why supplemental coverage is needed. Medigap plans, which are sold through private insurers, are entirely optional; but given the rising cost of healthcare, they are almost always seen as a necessary part of acquiring Medicare coverage.
Like Original Medicare, Medicare Supplements are federal government regulated and are, therefore, standardized across all U.S. states. They are divided into 10 plans, though these may change through the years as they get updated based on current population needs. Their inclusions are the following:
– Original Medicare Part A coinsurance and hospital expenses (up to an additional 365 days after Medicare benefits are exhausted)
– Original Medicare Part B coinsurance or copayment
– Blood (first 3 pints)
– Part A hospice care copayment or coinsurance
– Skilled nursing facility care coinsurance
– Foreign travel emergency costs (up to plan limits)
– Part A deductible
– Part B deductible
– Part B excess charges
When to Apply
The right time to apply for any Medigap plan is during your Open Enrollment Period, which begins on the first day of the month that you turn 65 years old and ends six months after that. You have to be 65 years old and enrolled in Medicare Part B to be able to do so. There are some states that offer additional OEPs, so do check with your area if this is allowed. During this period, there are three things that insurance agencies cannot do:
1. Reject your application for any Medigap plan,
2. Charge you a higher monthly premium than their regular rate, and
3. Make you wait for coverage to begin.
Outside of the OEP, an insurance company might decide to sell you a policy at regular rate but ask you to wait for six months before it takes effect. This is called a pre-existing condition waiting period. Another thing it can do is charge you a higher monthly fee or decline your application altogether.
Take note that the average cost of Medigap plans in Wyoming as of 2018 is $145.58 per month, or $1,747 per year. Note that actual pricing can go higher or lower, depending on the insurance provider, so be sure to shop around and compare rates first before settling and signing up.
What Medigap Does Not Include
Note that while Medicare Supplements have a wide range of benefits, they do not offer coverage for vision and dental care, hearing aids, eyeglasses, private-duty nursing, and long term care (as with a nursing home).
Incoming Changes to Medigap That Everyone Should Know
Certain change are coming to the Medicare Supplements starting the year 2020. For one, Medigap plans that include the Part B deductible will no longer be made available to new enrollees starting January 1, 2020. However, if you enrolled earlier than the said date and chose a policy that carried this benefit, you can still continue using your plan and not have to switch to another. In addition, Plans E, H, I and J are no longer being sold, though, again, if you were previously enrolled in them, you may continue as usual.
Can you switch to a different Medigap plan in the future? Yes, but if you’re within your six-month OEP or are eligible via a specific circumstance for guaranteed issue rights. Guaranteed issue rights are rights you have in specific situations when insurers are required to offer you Medigap plans outside of your OEP. In such situations, the company must sell you a policy, should cover all your pre-existing health conditions, and cannot charge you more regardless of your past or present health status. It is similar to a “trial right,” like what you are given if you purchase a Medicare Advantage plan.
Do you have questions about what Medigap plan is the right one for you? Are you still undecided over whether you should proceed with a Medicare Supplement plan or just take another private insurance product? Our team of licensed advisers are happy to help you every step of the way. Don’t hesitate to get in touch with us at 1-800-791-0150 .
