Are you a Minnesota resident approaching their 65th birthday? If so, there’s never been a better time to learn how Medicare will support your ongoing health care.
Any change to your health coverage can be daunting – especially when you’ve been happily covered all your life, but, truth is, Medicare is here to make things easy, and save you some extra dollars along the way.
The most important thing for you to do before you turn 65 is to prepare. So, you need to take some time to learn about Medicare in between your parties and birthday cake!
Knowing the ins and outs of Medicare and exactly when you need to apply can protect you from avoidable charges further down the line. Medicare isn’t as complicated as it might seem, and with our experts by your side, we’ll find a plan to match your needs and budget.
Read on as our experts explore options regarding Medicare Supplement Insurance and Medicare Advantage plans in Minnesota.
No premium is usually required for Medicare Part A, but Medicare Part B comes with a standard monthly premium.
Those who opt for Original Medicare can improve coverage further by obtaining Medicare Supplemental plans. Medicare Supplement plans (Medigap) cover a portion of the out-of-pocket costs not covered by Original Medicare, including deductibles, copayments, coinsurance, and other costs.
There are two types of Medicare Supplement plans available in Minnesota: a Basic plan and an Extended Basic plan.
Both cover a set of essential benefits:
The Basic plan is the cheaper option that covers everything above, and 100 days of skilled nursing facility care. No matter which Medigap plan you choose or which provider you choose, these minimum benefits are guaranteed.
The Minnesota Extended Basic plan includes all the same benefits as the Basic plan as well as some additional benefits. The Extended plan is particularly well suited to individuals who want their Part A hospital and Part B outpatient deductibles covered.
Additionally, the Extended Basic plan also covers 20 extra days in a skilled nursing facility, and the 80% coverage for usual and customary fees and 80% coverage in a foreign country turns to 100% coverage once you spend $1,000 in out-of-pocket cost!
Prices for the Extended Basic Plan in Minnesota vary among carriers, so getting advice from a licensed agent is the best way to get coverage to match your needs and save money.
On top of the coverage detailed above, insurance companies offer four additional riders to plans to improve coverage. These riders can be added to your Basic plan to complement your coverage and tailor it to your needs.
These riders are available at an additional price, and you can choose any or all of these riders to design a policy that meets your needs:
Medicare Advantage includes the same coverage as Original Medicare, but, in addition, may cover other services, such as vision and dental services. Some Medicare Advantage plans also include prescription drug coverage (Part D) as part of the plan.
Medicare Advantage plans are offered through private insurance companies that have a contract with Medicare. The benefits and costs of the plans vary by company and fluctuate between different Minnesota counties.
Unlike Original Medicare, prescription coverage is available directly through a Medicare Advantage Prescription Drug plan.
Before enrolling, it’s advised to check that your prescription medications are included in the list covered by the plan. Covered prescriptions vary from plan to plan, so it’s important to double-check.
While the Medicare Advantage Plans may be similar in their coverage, the premium costs vary depending on the county you live in and other factors. That means the best Medicare Advantage Plan for you might be entirely different from someone else in Minnesota.
If you are considering enrolling in a Medicare Advantage Plan, take the time to compare and evaluate the different options available.
No. Minnesota has unique Medigap plans: Basic plan and Extended Basic plan, therefore Plan G isn’t possible, but you can customize your plan to be similar to Plan G.
The cost of Minnesota Medicare Supplements varies by person, carrier, plan type, and riders. Get a free quote to find out what you can expect.
Insurers have four riders that you can add to your Basic Plan. However, the Part B deductible rider is only available to certain beneficiaries.