Most Medicare recipients opt to purchase Medigap policies to supplement the “gaps” that Medicare leaves. Many states, including Kentucky, offer 10 Medigap Plans. According to the AHIP Center for Policy and Research, Plan F is the most popular. Plan F also comes with a “high deductible option” which means monthly premiums are lower but out of pocket fees are higher. This is not necessarily a smart choice for many Medigap beneficiaries who might struggle when paying outpatient and hospital deductibles.
The high-deductible Plan F and Plans K, L, M, and N make up 23% of all coverage. Each of these plans requires deductibles, co-pays, and/or co-insurance. More people are opting for these standardized Plans over traditional Plans that rely on core benefits with full deductible coverage. The newest Plans, M and N, have only been available for a little over two years but make up the majority of newest coverage. Neither of these Plans covers Part B deductibles. Fill out the zip code form to compare plans and rates instantly.
Some Medicare beneficiaries might start noticing extra care at the hospital. A new Medicare law is proving to increase the quality of care Medicare beneficiaries receive at hospitals. If a person returns to the hospital within 30 days of being released, the hospital risks losing Medicare reimbursement. This makes it paramount for hospitals to ensure a person is truly well enough to be released.
Putting more pressure on hospitals to heal patients holistically is a great step towards ending Band-Aid approaches. The downside for hospitals is that medical professionals have no control over what a person does after leaving the hospital. However, a community health approach to wellness is especially beneficial to senior citizens who increasingly rely on hospital care.
Every Medigap Plan provides most of, if not all, of the core benefits provided by Medicare. The amount of additional benefits depends on the Plan selected. However, Plans C and F are slated for changes. A low amount of cost-sharing for Part B services by physicians will be included, but that’s not the drastic part. Beginning in January, 2015, new beneficiaries will not be allowed to enroll in Plans C or F. Kentucky residents who are, or will be, eligible for Medigap and are interested in these Plans should enroll before the cut-off date. To see which plans are available in your area, fill out the zip code form and view instant results.
The Bluegrass State heavily favors Plan F. A total of 87,452 residents in the state were enrolled in Plan F in 2011. The second most popular option was Plan C at 28,040. There are nearly three times as many Kentucky residents selecting Plan F compared to the runner-up. The least popular plan by far was Plan M with only five enrollees. No other Plan came close to Plan C in terms of popularity in 2011.
Some residents might be drawn to these policies because of the low monthly premiums. However, it’s important to consider just how high potential out of pocket costs can reach. Low monthly premiums will not make up for unmanageable deductibles, co-pays, and co-insurance.
Medigap Plans do not cover prescription coverage. However, there are Medicare plans, such as Medicare Part D, that offer prescription drug coverage. The Lexington Herald recently reported of a serious spike on the horizon for these plans. There are a number of prescription plans available via Medicare and the top 10 plans are slated to increase anywhere from 11 – 23%.
This can be confusing for seniors who have been reassured that the overall premiums for prescription drug plans (PDPs) aren’t going to change. However, individual assessments need to be taken into account. The majority of PDPs are going to have minimal changes, but the most popular plans that impact the most Kentucky residents can drastically spike. It’s important to start shopping around for lower premiums during a beneficiary’s next renewal period. To view available plans and rates in your area, fill out the zip code form and view policies instantly.
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