What Are the Specifics of Medicare Supplement Insurance Plans in Alaska?
Alaskans with Medicare Parts A and B may have found out that not everything they need is covered under Medicare Parts A and B, things such as copayments, coinsurance and deductibles. This is where Medicare Supplement Insurance plans in Alaska, or Medigap Insurance, comes in. Medigap fills some of the “gaps” when things are not covered by Parts A and B. A Medicare Supplement Insurance Plan is a way to bridge this gap and lower out-of-pocket costs. Medicare Supplement Insurance plans are available from private insurance companies throughout Alaska.
In 2022, Alaskans have 10 Medigap or Medicare Supplement Plans to choose from. These include basic benefits from Plans A, B, D, G, K, L, M and N. Medigap Plans C, E, F, H, I and J are no longer available to those who are newly eligible to Medicare and are grandfathered into their plan.
As of 2020, Medicare Supplement Plans will no longer sell new Medigap Plans C or F to newly eligible Medicare members. Congress has decided that new Medigap plans will no longer be allowed to cover the Part B deductible after January 1, 2020. This will only affect Medicare Supplement Plans C and F as these are the only Medigap plans that cover the Part B deductible. Anyone enrolled in a Medigap Plan C or F as of December 31, 2019, will be grandfathered and will be able to continue to use their plan as long as they want.
Alaskans looking for the most popular Medicare Supplement Insurance Plans in Alaska need to first look at their specific coverage needs to determine what gaps a Medigap Supplement Plan could cover.
Most Popular Medicare Supplement Insurance Plans in Alaska
Alaskans have several government-approved Medicare Supplement Insurance Plans to choose from. These plans help protect consumers in most states, including Alaska. As reported by AHIP, 17,064 Alaska beneficiaries enrolled in a Medigap policy in 2019. Below is the breakdown of the number of Alaska enrollees by each Medigap plan type.
Source: AHIP. Reflects data through December, 2019.
Source: AHIP. Reflects data through December, 2019.
While a Medigap policy will help pay for things like copayments, coinsurance and deductibles not covered by Medicare Parts A and B, it is important to note that with a Medicare Supplement Insurance plan, you will not receive benefits for prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs or consider an Alaska Medicare Advantage plan, which typically covers prescription drugs and includes other benefits such as dental, vision, hearing coverage and gym benefits.
Learn more about your Medicare Supplement Insurance plan options in Alaska by working with a SelectQuote licensed sales agent. Acting as an advocate, our licensed sales agents can guide you through the Medicare maze to better understand Medigap Plan options, reduce the cost of bridging the gaps and answer any questions through the process. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare Supplement Insurance plans in Alaska.
Alaska residents cannot be enrolled in a Medicare Supplement Insurance (Medigap) plan and a Medicare Advantage Plan at the same time. A Medigap Plan can also not be used to pay for any expenses for a Medicare Advantage Plan.
When is the Enrollment Period for Alaska Medicare Supplement Plans?
Initial enrollment timeframes are very important. Enrollment for Alaska Medicare Supplement Insurance plans begins the first day of the month you turn at least 65 years old. You also must be enrolled in both Medicare Parts A and B in order to get a Medigap plan.
Alaskans have six months to buy a Medicare Supplement Insurance plan. Alaska residents under the age of 65 can check with the Social Security Administration office for additional enrollment periods.
The best time to enroll in a Medicare Supplement Insurance plan is during the initial 6 months you are eligible for Medicare. During this important period, companies that offer Medicare Supplement Insurance plans cannot use underwriting during this time. If you apply for Medicare Supplement Insurance outside of this 6-month timeframe, Alaska residents will be subject to a physical exam. If you apply for Medigap coverage after the first six months of eligibility, a company can refuse to sell you a plan or premiums may also adjust depending on current health status and pre-existing health conditions.
Is an Alaska Medicare Supplement Insurance Plan Right for You?
SelectQuote can help ensure you are getting all the available benefits you deserve while staying up to date with annual updates to Medicare plans made by insurance companies. As a trusted third-party company, SelectQuote is here to help Alaska residents find the right Medicare Supplement Insurance plan in Alaska to meet your needs.
To ensure you are getting all the benefits you are entitled to receive, call or complete your online form today. Let SelectQuote’s personal licensed sales agents simplify the Medicare maze by comparing rates and independently shopping insurance companies to help you find an affordable option that meets your unique needs.