Compare Medicare Supplement Plans in Illinois
All over the nation, the Medigap coverage for Medicare will be the same. Whenever you select to get Medigap coverage, then it means that you are enrolling in a health insurance and safety net policy.
Medigap coverage can protect you from any expensive medical issues or conditions that original Medicare may not cover. What is included, usually comes with high deductibles, coinsurances, copayments, and out of pocket costs that are all required.
Supplement Plans for Medicare in Illinois
Let’s talk about Susan. Susan has enrolled to be covered by Medicare along with Part D for her medications. Now, she is assuming that she is completely covered, but the truth is that she is at risk financially.
Susan ends up atrial fibrillation and ends up needing an emergency ride in an ambulance. She is going to be admitted for multiple days. She has no idea that the average cost for her stay is going to be over $12,000.
The ride in the ambulance that she took cost her $200 for the annual deductible for her Part B policy. Then she is required to pay 20% of any of the costs of over $200.
Susan has to think about the hospital expenses, which is the $1400 deductible for her Part A policy. Then she has to pay 20% of what is left after that.
This is going to cost her well over $4000 out of pocket. However, if Susan had enrolled with the Part G Medigap policy, then all that she is going to pay is her $200 deductible and then the monthly premium. Everything else is going to be covered by this plan.
Advantage Plans for Medicare Illinois
Although these plans have cheap premiums, they tend to have a lot of restrictions as well as more coverage. This policy type provides more safety nets than Medicare. However, Medigap provides more comprehensive coverage.
Susan has a Medicare Advantage plan when she has atrial fibrillation. Her ambulance ride is going to be around $400 for the copay, and her stay in the hospital is going to be $500 per day for the first five days that she is there.
The Advantage plan can cost Susan thousands of dollars when she stayed in the hospital. However, the plan that she has contains a MOOP or Maximum out of pocket cost.
MOOP is a limit that keeps you from paying more than a certain amount. If Susan has a MOOP of $5,500, then the most that she can pay is going to be $5,500 per year.
However, Medicare does not come with a MOOP. There will not be any limit to what the out of pocket costs are going to be with traditional Medicare. A Medigap policy can help to cover most of these out of pocket expenses, but you may not need a MOOP unless you plan to enroll in Plan L or Plan K.
Medigap Illinois Eligibility For Those Under 65
There are state laws that state all insurance companies have to offer you Medigap coverage plans to anyone who is not 65 years of age. If you have applied for coverage within six months after you receive your effective date for your Part B plan, then you will not need to answer any health questions.
This is called an OEP or open enrollment period. It will be at this time that you can be considered for GI rights or guarantee issue rights.
GI rights are what keep insurance companies from charging you huge monthly premiums or denying you because of any health issues you may have. This is critical for people who have disabilities as they may not be qualified for coverage at any other time.
Qualifying for Medigap Plans in Illinois
The OEP for Medicare Supplement plans will be the best time for you to enroll for Medigap plans. It is during the OEP that you can get GI rights.
When you have GI rights, you will not need to answer health questions to enroll for coverage. Also, the insurance company cannot charge you high monthly premiums or deny coverage because of your health issues.
Now, you know why this is going to be the best time for you to get Medigap coverage.
You can apply to get Medigap coverage at any time. Still, if it is outside of the OEP, then you may need to be as medically qualifying. Many seniors will automatically medically qualify for this coverage. However, you may also end up getting a higher premium at this time too.
If you want to make sure that you get the best policy for the lowest price, then you will need to enroll right away during an OEP.
Those who are losing their coverage with Medicaid are eligible for GI rights for Medicare because of the New Era.
You will also qualify for GI rights whenever you leave your employer coverage, but only if your employer coverage is your primary insurance.
Illinois Medicare Supplement Plans That Are The Best
When it comes to picking a Medicare supplement plan, there are going to be ten letter plans for you. If you purchase Plan N in Schaumburg, then it will be the same as Plan N in Peoria, the only thing that will be different is the costs.
The top policies in Illinois, as well as the United States, are Plan N, Plan G, and Plan F.
Medigap Plan F is popular due to its offering first-dollar coverage. Yet, if you are going to be turning 65 this year, and are recently eligible, this plan is going away.
Plan N is the same thing as Plan G, but you will have a deductible, and the Part B excess charges will not be covered, and you will have a copay whenever you go to the ER or see your doctor.
Although, if you get Plan G, it is the same thing as Plan F, you are going to pay your Part B deductible.
Prescription Drug Plans for Illinois Medicare
If you do not have prescription drug coverage for over 63 days, then you will end up with a penalty. This is a penalty that can last as long as you are enrolled with a Part D plan.
If you want to avoid this, then you need to enroll for medication coverage right away. You can pre-enroll for this, which allows Part D and Part B to be active on the same day.
However, medication policies are very affordable. They can often start at just $10 per month. If Susan decides to enroll in a plan that has a monthly premium of $55, then her copay is only going to be $55 for her prescriptions.
Whenever you pay more on your premiums, you are going to end up saving more money each year. Because it will lower all of your out of pocket medical costs.
Comparing Illinois Medicare Supplement Premiums
Rockford’s premium will be different from Chicago’s. Most Medigap policies in this state increase with age. Some plans are based on your age when you buy the insurance and only increase due to inflation. When you work with brokers, they are familiar with the rise in freight rates of significant operators over the years. Just because lower premiums this year doesn’t mean it will be the most economical premium next year. Choosing a reliable company that keeps raising interest rates will save you even more money.
Comparing Rates for Medicare Supplement Plans in Illinois
When it comes to comparing any Medicare policies within your area, this is going to be the best way for you to get the best policy when you enroll. Each person is going to be different, and the plan that worked for Susan may not work for you.
Insurance companies all have different rates for different areas, so one company for Plan B could charge $200 in one area. At the same time, it costs $600 in one that is only an hour away.