Medicare Supplement Plans in Montana

As you age towards your 65^th year and retire, one thing to look forward to is enrolling in Medicare. Original Medicare, divided into parts A and B, takes care of some of your medical needs, including inpatient and outpatient services. However, Original Medicare doesn’t cover all your medical needs. Therefore, a lot of people enroll in other plans such as Medicare Advantage and Medigap, in addition to Original Medicare. Both of which are sold by private insurance companies.

While Medicare Advantage offers you an all-in-one plan, Medicare Supplement provides you with a variety of programs from which you can choose depending on your Medical needs and financial status. It is not possible to buy both a Medigap and Medicare Advantage plan together.

Forty-five states in the United States offer Medicare Supplemental Insurance, fulfilled by private insurance companies. Montana is one of these states. The largest county in Montana is Yellowstone with a population of more than 150,000  people. This is followed by Missoula with 114,000 people, Gallatin with 100,000 people, and Flathead with more than 96,000 people.

According to the Center for Medicare and Medicaid Services (CMS); in 2016, more than 169,000 citizens of Montana enrolled in Original Medicare Parts A and, or B. As of 2018, this number had increased to 225,000 which makes about 21% of the population of Montana. In the same year, more than 71,500 citizens of Montana had bought a Medigap plan according to America’s Health Insurance Plans AHIP. This is more than 39% of all Medicare enrollees in Montana in 2016.

If you are a senior citizen in Montana, you can buy a Medicare Supplement insurance policy, known as Medigap, in addition to your Original Medicare. Buying Medigap in Montana means that you can save more out of pocket costs and feel more financially secure while getting quality healthcare even while you’re outside the state. As a Montanan, your Medigap will help you cover expenses that your Medicare parts A and B do not include, such as copayments, coinsurance, and deductibles.

When to Purchase your Medigap Plan in Montana

The best time to buy a Medigap plan in Montana is during the Open Enrollment Period. The Open Enrollment Period is a six open month window, starting from the month of your 65^th birthday. During this period, insurance companies in Montana will sell the plan of your choice at the best rate. You can get a Medigap policy for the lowest rate regardless of your pre-existing health status or condition.

If you are 65 years or older and you are already on health insurance coverage but would like to purchase a Medigap, you can also get the best rates up to 63 days after you end your current health coverage. This is called a Guarantee Issue Right.

Apart from these periods, purchasing a Medicare Supplemental policy may require strict underwriting by the insurance company. They may decide to sell or not to sell you a Medigap policy depending on several factors, including your pre-existing conditions. If they determine that you are eligible; however, the rates may be significantly higher.

From the Kaiser Family Foundation research, most of the Medigap plans offered in Montana are priced based on Attained-Age. The Attained Age Rated pricing scheme means that your premiums will increase as you grow older.

Medigap Plans in Montana

Montana companies offer all of the standardized Medicare supplement plans. These include Medigap plans A, B, C, D, F, G, K, L, M as well as N. There is a standard set of benefits that accrues to each plan. However, some insurance companies in Montana may offer additional benefits such as gym or fitness membership to increase their appeal to you.

The most popular Medigap plan in Montana is the Medigap plan F. According to AHIP, more than 48,300 people enrolled for the plan F in 2015. The next most enrolled Medigap plan in 2015 was plan G with 5,325 enrollees, followed by plan C with 4,910 enrollees and plan N with 3,629 enrollees.

Medigap plan F is the most comprehensive Medigap plan you can purchase in Montana, although it is also the most expensive. Plan F coverage includes part A deductible and coinsurance, Part B deductible, coinsurance and excess charges, hospital costs, limited expense on foreign emergency travel care, coinsurance for skilled nursing facility care, and the opening three pints of blood needed for a procedure. However, it does not cover the Part B premium.

The next most comprehensive Medigap plan is Plan G. Its coverages are similar to Plan F except that it doesn’t cover the part B deductible in addition to the premium.

Find out more about the different Medigap Plans in Montana, the pricing and which is best for you, kindly give us a call today at 800-208-4974. We would love to help you out.