What Do I Need to Understand About Medicare Supplement Insurance Plans in Iowa?
Iowa residents soon to turn 65 will quickly learn that a Medicare Supplement Insurance plan is necessary to fill in some of the “gaps” left uncovered by Medicare Parts A and B such as copayments, coinsurance and deductibles. Thankfully, it’s easy to purchase Medicare Supplement Insurance plans in Iowa. Also referred to as Medigap, a Medicare Supplement Insurance plan may help Iowa residents save a bit on out-of-pocket costs. Private insurance companies offer Medicare Supplement Insurance plans in Iowa.
In 2022, residents of the Hawkeye State have a choice of 10 Medigap or Medicare Supplement Insurance plans. 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 but enrollees of these plans are grandfathered into them.
As of 2020, Medicare Supplement Insurance plans will no longer sell 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.
Iowa residents looking for a Medicare Supplement Insurance plan need to first look at their specific coverage needs to determine what Medigap plan they should consider.
Most Popular Medicare Supplement Insurance Plans in Iowa
Iowa offers residents the option to choose from several Medicare Supplement Insurance plans. The Medicare Supplement Insurance plans, approved by the government, help protect consumers in most states, including Iowa. See below for a view of the most popular Medigap options selected by Iowa residents. Throughout Iowa, the insurance companies that sell Medigap plans offer the same basic benefits. These can be different prices depending on where you live and the carrier, and not all Iowa insurers will offer all available Medigap Supplement plans.
As reported by AHIP, 307,575 Iowa beneficiaries enrolled in a Medigap policy in 2019. Below is the breakdown of the number of Iowa 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 your Iowa Medicare Supplement Insurance plan will not cover benefits for prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs. You also have the option of an Iowa Medicare Advantage plan, which typically covers prescription drug costs and may also include things like gym memberships and other benefits such as dental, vision and hearing coverage.
Learn more about your Medicare Supplement Insurance plan options in Iowa by working with a SelectQuote licensed sales agent. SelectQuote is your advocate and our licensed sales agents can guide you through the Medicare maze to better understand Medigap Plan options. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare Plans in Iowa.
Iowa residents cannot be enrolled in a Medicare Supplement (Medigap) Insurance 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 Iowa Medicare Supplement Insurance Plan Enrollment Period?
Initial enrollment timeframes are very important. Enrollment for Medicare Supplement Insurance plans in Iowa 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.
Iowa residents have a six-month period surrounding their birth month to buy a Medicare Supplement Insurance plan. Iowa 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. You can enroll as early as 64 and 6 months of age. During this important six-month period, companies that offer Medicare Supplement Insurance plans cannot use underwriting during this time. In other words, during this timeframe your acceptance is guaranteed. However, if you apply for Medicare Supplement Insurance outside of this 6-month timeframe, Iowa 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.
Determining If an Iowa Medicare Supplement Insurance Plan Right for You
SelectQuote is here to ensure you’re getting all the available benefits you deserve while staying up to date with annual updates to Medicare plans made by insurance companies in your area. As a trusted independent third-party company which specializes in helping consumers understand the ins and outs of the available Medicare Plans in your area, a SelectQuote licensed sales agent can help you understand your Medicare insurance option to find the right Medicare Supplement Insurance plan 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.