10,000 Americans celebrate their 65th birthday every day – proof of the scale of new beneficiaries entering the Medicare program.
If you are an Iowa resident about to turn 65, then it is time to start thinking about your Medicare enrollment. By delaying, you leave yourself open to avoidable surcharges, so it’s best to complete enrollment right away.
Yes, changing healthcare coverage can be intimidating, but Medicare isn’t as complex as it might seem. Remember, you’ve been paying into your Medicare fund your entire working life – it’s time to reap the benefits!
Medicare is here to save you money and isn’t as complicated as it might seem. With our experts by your side, we’ll find a plan in Iowa to match your needs and budget.
Read on as our knowledgeable agents explain Medicare, Medicare Supplement plans, and Medicare Advantage plans in Iowa.
Original Medicare (Part A and Part B) comes with out-of-pocket costs the plan holder is responsible for, including deductibles, copayments, and coinsurance. Medicare Supplement Insurance plans (also known as Medigap plans) fill in these gaps by covering a portion of the expenses.
Medicare Supplement plans in Iowa only work with Original Medicare and are not compatible with Medicare Advantage. Also, supplement plans do not provide coverage for prescription drugs, but beneficiaries can enroll in a stand-alone Medicare Part D plan instead.
Medigap plans can be purchased at any time of the year, but it is best to do so during your one-time enrollment period. In this six-month window – beginning when your Medicare Part B is effective – there are no health questions or pre-existing condition exclusions.
There are 10 standardized Medicare supplement plans to choose from in Iowa:
Because all plans are standardized, a Medigap plan has the same coverage, no matter which carrier you enroll through. This makes it easy for you to compare prices without worrying about the benefits included.
Medigap plan shoppers in Iowa should be mindful that from 2020, Medigap Plan F and Plan C are being discontinued. These plans will no longer be available to new Medicare beneficiaries who enrolled after January 1, 2020.
Medicare Advantage combines the benefits of Original Medicare (Part A and Part B) and supplemental plans in a single plan. Medicare Advantage plans have at least the same coverage as Part A and Part B, plus Part D and other healthcare services not found in Original Medicare.
Medicare Advantage plans can be purchased from Medicare-approved private carriers. Each plan comes with different benefits and costs, so it’s important to compare thoroughly.
The cost of Medicare Advantage in Iowa varies from plan to plan. Some of the costs you can expect to find in your plan include:
To determine the most affordable Medicare Advantage plan, be sure to consider all of the above expenses. Focusing on just one area can leave you massively overpaying in others. For example, many direct their search for the cheapest premiums, but doing so can leave you with exorbitant out-of-pocket costs when you need medical treatment.
To be eligible for Medicare Advantage, Iowa residents must be enrolled in Medicare Part A and Part B, live in the carrier’s service area, and not have end-stage renal disease (ESRD).
Medicare Advantage plans are available to enroll in during the Initial Coverage Election Period, which begins three months before you turn 65 and lasts for seven months. Residents can also enroll during the Annual Election Period, which runs from October 15 to December 7 every year.
Iowa has over 30 different Medicare Advantage plans, but not all of the plans are available in every area. In fact, some counties don’t have access to Medicare Advantage at all.
Start comparing the Medicare Advantage options available in your area today.
Medicare Supplement plans do not cover prescription drugs. For prescription drug coverage, you’ll need to purchase a Part D plan.
Part D coverage isn’t necessary, but it is often purchased to protect against high drug costs. It’s also worth noting that you will be penalized with a late enrollment penalty if you delay enrollment.
Most Medicare Advantage plans in Iowa have Part D coverage built-in. So, it’s likely that you already have coverage if you are enrolled in a Medicare Advantage plan.
If you have any questions about your Iowa Medicare options, speak to one of our licensed agents. Our dedicated team will help find a Medicare plan that works for you. Call us today at 1-844-236-0228.