Are you approaching your 65th birthday? If so, you’ve probably been inundated with Medicare flyers that have likely been crammed into an overflowing drawer.
It’s easy to put off Medicare enrollment until another time and avoid the barrage of information, but believe us, getting it done early means you avoid surcharges.
Plus, you’ve been paying into your Medicare fund your entire working life. Why would you want to delay? It’s time for you to reap the rewards!
Indeed, changing healthcare coverage can be daunting, but Medicare isn’t as complex as it might seem. With a bountiful array of components to discover and piece together, let’s begin your transition to Medicare – America’s largest health insurance program!
Read on as our experts explore Medicare Supplement Insurance and Medicare Advantage plans in Michigan.
Original Medicare (Part A and Part B) provides significant coverage, but it doesn’t cover everything; there is no limit on out-of-pocket costs and prescription drug costs are not included.
To help pay some or all of the out-of-pocket costs, Medicare supplement plans (also known as Medigap plans) can be used. While Medigap plans do help cover the cost of deductibles, copayments, and coinsurance, they do not provide prescription drug coverage. Instead, beneficiaries must enroll in one of the 29 stand-alone Medicare Part D plans in Michigan.
In Michigan, 44 insurers offer all ten standardized Medigap plans:
However, Plan F is only available to beneficiaries eligible for Medicare prior to 2020.
With Plan F unavailable to new Medicare beneficiaries, Plan G is now the most comprehensive plan in Michigan. Plan G enrollees only have to pay the Part B deductible, and then they are fully covered.
If you are looking to enroll in a Medicare Supplement plan, the best time to do so is during your Open Enrollment Period – a six-month period that starts once your Medicare Part B is activated. Insurance companies can’t deny you coverage or charge higher premiums based on preexisting conditions in this period.
Remember to consider the plan’s full cost, not just the monthly premium; a plan with low premiums can cost you more in out-of-pocket costs.
Start comparing Medigap plans available in your area today.
If you are under age 65, insurance companies in Michigan must only offer you Medigap Plan A or Plan C. They are not obliged to offer you any of the other eight plans, although some do.
Insurers can also charge a higher premium to those under the age of 65 – a reason why many opt for a Medicare Advantage plan instead.
Medicare beneficiaries can choose to receive coverage from the federal government via Original Medicare or enroll in a private Medicare Advantage plan.
Medicare Advantage combines the benefits of Original Medicare and supplemental plans into a single plan. The plans have at least the same coverage as Original Medicare, plus Part D and other healthcare services, such as dental and vision.
Michigan is a state with a robust Medicare Advantage market. Depending on the Michigan county you reside in, you will have between 12 and 50 Medicare Advantage plans to choose from.
Many Medicare Advantage plans in Michigan include Part D prescription drug coverage. If you like the convenience of having all of your Medicare benefits under a single plan, this is a big perk.
Close to 500,000 Michigan residents had Part D coverage as part of their Medicare Advantage plans. Before enrolling, check that your prescription is covered; prescription medication included varies from plan to plan.
Tip: Medicare Advantage holders should get prescription drug coverage through a Medicare Advantage plan instead of a stand-alone Medicare Prescription Drug Plan (Part D). If you join a Part D plan while enrolled in a Medicare Advantage plan, you’ll be disenrolled and returned to Original Medicare.
The best time to apply for a Medicare supplement plan is during your 6-month Open Enrollment window. In this period, you can apply without being declined or charged higher premiums for pre-existing health conditions.
All Medigap plans are available in Michigan, except Plan F which is unavailable to beneficiaries who enrolled after January 1, 2020.
If you have any questions about your Michigan 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.