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What Do I Need to Know About Medicare Supplement Insurance Plans in Vermont?
It’s important for residents of Vermont who are close to age 65 to become educated about Medicare Insurance options, including Medicare Supplement Insurance. Medicare Parts A and B provide insurance for hospital and doctor visits, but there are “gaps” in coverage, for things like copayments, coinsurance and deductibles. This is where a Medicare Supplement Insurance plan can come into play. Also referred to as Medigap, a Vermont Medicare Supplement Insurance plan is a way to take care of the out-of-pocket expenses that Original Medicare doesn’t cover. It’s easy to find a Medigap plan as they are available from private insurance companies throughout the state of Vermont.
Vermont residents have 8 Medigap or Medicare Supplement plans from which to choose. 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 have been grandfathered into their plan.
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.
Vermont residents looking for a Medicare Supplement Insurance plan need to first look at their specific coverage needs to determine what Medigap plan they might want to consider.
Most Popular Medicare Supplement Plans in Vermont
The 8 government-approved Medicare Supplement Insurance plans help protect consumers in most states, including Vermont. The statistics below provide an overview of the most popular Medigap plans chosen by Vermont residents. Insurance companies that offer Medicare Supplement Insurance plans offer the same basic benefits, but those plans may come at different prices based on your place of residence and insurance carrier. Each insurer may not offer each of the available Medigap Plans.
As reported by AHIP, among those who selected a Medigap policy in Vermont, nearly one-quarter (22.6%) choose Plan C, 15.7% select Plan F, 14.8% are enrolled in Plan N, 14.1% choose Plan D while 7% are covered by Plan J. Below is the breakdown of the number of Vermont enrollees by Medigap plan type.
Source: AHIP. Reflects data through December 31, 2017.
Source: AHIP. Reflects data through December 31, 2017.
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 Vermont Medicare Supplement Insurance plan does not include coverage for prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to help you with prescription drug costs. Another option to consider before finalizing your elections, is a Vermont Medicare Advantage plan, which typically includes prescription drug coverage and may also include other benefits, such as dental, vision, hearing coverage and gym memberships.
Learn more about your Medicare Supplement Insurance plan options in Vermont by working with a SelectQuote licensed sales agent. Acting as your advocate, our licensed sales agents can guide you through the Medicare maze to better understand Medigap plan options and answer any questions you might have throughout the process. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare plans in Vermont.
Vermont 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 related to a Medicare Advantage plan.
Vermont Medicare Supplement Plan Enrollment Period
Initial enrollment timeframes are very important. Enrollment for Medicare Supplement Insurance plans in Vermont begins the first day of the month you turn 65 years old. In some special cases, enrollment could happen prior to this time. You also must be enrolled in both Medicare Parts A and B in order to get a Medicare Supplement Insurance plan.
Vermont residents have a six-month window surrounding the birth month to buy a Medicare Supplement Insurance plan. Those 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. At the age of 64 and 6 months, you can begin to make important Medicare choices, so enroll as soon as you’re eligible. During this six-month period, companies that offer Medicare Supplement Insurance plans cannot use underwriting. In other words, during this window of time your acceptance is guaranteed. However, if you apply for a Medicare Supplement Insurance plan outside of this 6-month timeframe, you 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 a Vermont Medicare Supplement Insurance Plan Right for You?
SelectQuote can assist residents of Vermont with understanding their Medicare insurance options. As an independent third-party company specializing in helping consumers understand the ins and outs of Medicare, SelectQuote can help you get all the available Medicare benefits you deserve. In addition, we can let you know about any updates being made in Medicare insurance which typically occurs annually. Contact a SelectQuote licensed sales agent today for help finding the right Vermont Medicare Supplement Insurance plan that meets your needs and budget.
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.