Medicare Supplement Plans in Arizona
There are over 30 insurance companies that offer Medicare Supplement Plans in Arizona. Seniors who live in this state obtained a Medicare Supplement plan to help them pay for deductibles, copayments and coinsurance payments. Keep in mind that the Original Medicare Parts A and B will not cover all related medical expenses. With the use of an MS plan, seniors can lower their overall healthcare expenses. Please continue reading to know more information about the Medicare Supplement plans you can access in Arizona.
General Details About Medicare Supplement Plans in Arizona
In the US, 47 states have standard Medicare Supplement plans. One of these states is Arizona. The plan letter you get in Arizona will have the same coverage items that the letters in other states would have. But the similarities are only applicable to the standard benefits that Medicare designed.
Despite having similar benefits, the premium rates are different. In Arizona, you can access one of the 10 Medicare Supplement plans. They include Plan N, M, L, K, G, F, D, C, B and A. But these plans do not include coverage for your prescription medicines. Then again, you have the option to purchase it on its own.
When to Enroll to Obtain MS Plan in Arizona
The best time to enroll for a Medicare Supplement plan in AZ is during the open enrollment period. It is the time when you purchase a Medigap policy. The six-month period for open enrollment starts when you reach the age of 65. You are enrolled in Part B of Medicare.
During the open enrollment period, insurance companies that sell Medicare Supplement plans will not deny your application. It does not matter what plan you pick for yourself. Under the law, you have guaranteed issue rights. But if you have a preexisting condition, insurers will wait up to six months before they can give you coverage.
If the enrollment period lapsed, you can still purchase a policy. But you will have to agree with the Medicare underwriting. Furthermore, insurance companies may still reject your application and deny you with a Medicare Supplement plan. However, if you have special guaranteed rights, then you can still obtain it without underwriting.
For instance, if you are leaving a group health plan with your employer, then you can still qualify for an MS plan. If you move to a new location or Advantage plan stopped giving coverage in your area, then you may qualify for the special guaranteed right.
You may also qualify for special enrollment if you have a Medicare SELECT policy but you move from the designated area for it. You are also eligible for the special enrollment if your current Medigap plan is lost because your carrier is closing or going bankrupt.
Several provisions may qualify you for a special enrollment. To know more about them, you may contact our health insurance experts. We can assist you in any way we can to help you find the right plan.
Data About Enrollment for Medicare Supplement Plans in AZ
Arizona has 15 counties. In 2015, Arizona was ranked fifth-biggest counties on record. In Maricopa County, alone, it has an estimated four million people; while Pima County has one million residents. Pinal County has around 406,000 people, Yavapai County recorded around 217,000 residents while Yuma County has an estimated 215,000 people.
The overall population of Arizona is around 6.4 million. Roughly 13.5% of people living in this state are 65 years old or above. The average age or retirement in this state is 63. In 2014 data, roughly 34.2% of these senior citizens have a Medigap policy.
How Insurers Calculate the Rates of Their Medicare Supplement Plans in AZ
Numerous factors affect the rates being offered by insurance companies. These factors will help insurance providers to determine the Medicare Supplement plan rates. Some of these factors would include the demographics and chosen Medigap plan. Demographics would include gender, age, health status, location, marital status and whether or not the person is not a smoker.
Apart from these factors, insurance companies will still use their other pricing system that can greatly affect your Medicare Supplement cost in Arizona.
Your current age will determine your premium rate. In that case, the older you get, the higher your monthly premium will be. Under Arizona law, insurers cannot use this pricing method to determine members’ premium rates. In a 2010 statistic, 94% of the insurers utilized the issue-age method; while the remaining 6% utilized the community rating system.
It is a method that does not change your monthly premium frequently. This method determines the age at the time you purchased your first Medicare Supplement plan. With this method, your premium will not change as you get older. But it is rarely used.
In this method, the rate will be the same throughout the community. It does not matter whether you are 65 or 90 years old. Your premium will be the same. However, there are some yearly changes to this community-rated plan because of inflation.
Your location is also a factor that can determine the overall cost of your Medicare Supplement plan. The reason for this is that several geographic regions have different medical care costs. Furthermore, different counties will have their own premium rates.
Medicare Supplement Plan in Arizona When Traveling
With Original Medicare, you are entitled to have healthcare coverage in each state. But the healthcare facility must honor Medicare. With Medigap plans, you will have the same protection.
Seniors choose a Medigap plan because they do not need to choose what healthcare facility they go to, unlike the Medicare Advantage plan. With a Medigap plan, you can choose the best doctors and healthcare facilities, regardless of where you are located. You are also covered if you travel to a foreign country. You will receive emergency coverage through 6 different Medicare plans, like Plans, F, G, and N.
Your Medicare Supplement plan from AZ will not be affected if you choose to move to a new state. Your existing policy with Medigap will be the same. however, the rate you are currently paying will be different when you move to a new state.
Because of the many Medicare Supplement plans in Arizona, it is ideal that you choose the right option. We can help you do that. Give us a call to talk to our health insurance experts.