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What Are Medicare Supplement Insurance Plans in Arkansas?
It’s not quite the same as trying to jump the gap between the Arkansas River banks but there are “gaps” when it comes to Medicare coverage. This is why Medicare Supplement Insurance plans are offered in Arkansas. These Medicare Supplement Insurance plans are called Medigap for shorthand. Either way, the plans compensate for some of the “gaps” that can include copayments, coinsurance and deductibles left uncovered by Medicare Parts A and B.
You can find these plans at private insurance companies throughout the state of Arkansas. Arkansans have 8 Medigap or Medicare Supplement plans to consider. 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 bit enrollees in these plan letters have been grandfathered into the plan.
As of 2020, Medicare Supplement Insurance 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.
Residents of Arkansas looking for the most popular Medicare Supplement Insurance plans need to first look at their specific coverage needs to determine which of the Medigap Supplement plans they should consider.
Most Popular Medicare Supplement Insurance Plans in Arkansas
The government-approved Medicare Supplement Insurance plans help protect consumers in most states, including Arkansas. The statistics below show a sampling outlining the most popular Medigap plans Arkansas residents can select. Insurance companies who sell Medigap plans offer the same basic benefits, but those plans may come at different prices depending on the carrier. Each insurer may not offer each of the available Medigap Plans.
As reported by AHIP, 214,079 Arkansas beneficiaries enrolled in a Medigap policy in 2019. Below is the breakdown of the number of Arkansas enrollees by 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 a Medicare Advantage plan, which may cover prescription drugs and can also include other benefits such as a free gym membership, dental, vision and hearing coverage.
Learn more about your Medicare Supplement Insurance plan options in Arkansas 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 and answer any questions you may have throughout the process. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare plans in Arkansas.
Arkansas residents cannot be enrolled in a Medicare Supplement (Medigap) Insurance plan and a Medicare Advantage Plan at the same time. A Medigap Plan cannot be used to pay for any expenses for a Medicare Advantage plan.
When Can I Enroll in Arkansas Medicare Supplement Insurance Plans?
Initial enrollment timeframes are very important. Enrollment for Arkansas 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.
Arkansas residents have a six-month window around their birth month to buy a Medicare Supplement Insurance plan. Arkansans 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. You might be surprised to hear enrollment can begin as early as age 64 ½ . During this important six-month period, companies that offer Medicare Supplement Insurance plans cannot use underwriting during this time. If you apply for Medicare Supplement Insurance outside of this timeframe, Arkansas residents will be subject to a physical exam. If you apply for Medigap coverage after the first 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. Therefore, it’s beneficial to enroll as soon as you’re eligible.
Is an Arkansas Medicare Supplement Insurance Plan Right for You?
It’s easier than you might think to find the right Medicare Supplement Insurance plan to meet your needs. SelectQuote licensed sales agents are ready to help, ensuring you get all the available benefits you deserve. This also helps you stay abreast of the annual updates to Medicare plans made by insurance companies. As a trusted independent third-party company specializing in helping consumers find the right Medicare plan for their needs, SelectQuote is here to help Arkansas residents find the right Medicare coverage.
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.