There are many Texans who are considering a Medicare supplement plan this year. Some of them have recently turned 65 and started receiving their Medicare Part A and Part B benefits along with their Social Security. According to medicare.gov, many seniors living in Texas will also purchase a Medigap plan to provide additional health insurance coverage. We work with some of the best Medicare Supplement plans in Texas and would be happy to help you find the right Medigap plan to fit your needs.
As you probably know, original Medicare Part A and Part B won’t cover all of your health insurance expenses. In fact, you Original Medicare only covers about 80% of all your health care expenses. This means you are responsible for 20% of you health care costs. This is why Medicare Supplement Plans in Texas continue to be very popular year in and year out no matter which private insurance company is selling them. They offer important coverage for things like skilled nursing facility care, foreign travel other medicare benefits.
Normally people enroll in a Medicare Supplement Plan during the Open Enrollment Period or the Annual Election Period. However, you may be eligible for a Medigap plan outside of the Open Enrollment Period depending on when you turn 65 and first choose the type of insurance plans you’ve had in the past.
We work with some of the best insurance carriers offering supplemental insurance in the state. The great thing about Medigap plans is that they are standardized. This means that each company has to offer the same coverage with in each health plan so the only difference is how rates are determined and the cost of the plans themselves.
There are a few important things to remember when it comes to deciding if a Medicare Supplement Plan is right for you.
First of all, it’s important to note that the best Medicare Supplement plans in Texas do not include prescription drug coverage. If you decide to purchase a Medigap policy you’ll also need to buy a Part D stand alone Prescription Drug Coverage. The national average for these part D plans are around $20, however, prices can vary depending on which medications you are taking.
Second, you will tend to pay more per month for a Medigap plan than a Medicare Advantage plan which are typically HMO or PPO plans. There are some Medicare Advantage plans in Texas available for low monthly premiums. However, there are out of pockets costs associated with these plans like co payments and co insurance. Each Medicare Advantage plan has a maximum out of pocket costs so read the fine print.
Finally, the cheapest Medicare Supplement plan in Texas doesn’t necessarily mean it’s the best. There are some insurance carriers that have been selling Medigap plans for a long time. There are also some insurance carriers that are relatively new to the Medigap market. We tend to encourage people to stick with health insurance providers that have been around for a long time.
As far as which Medigap plan in Texas is best, it really depends. The most popular Medigap plans tend to be Plan F, Plan G and Plan N. However, we recommend speaking to a licensed insurance agent about your specific situation and health care needs. Each person is a little different so you want to compare Medigap plans near you based on your unique situation.
If you have other questions about the best Medicare Supplement plans in Texas or even Medicare Advantage plans, give us a call. We’ll be happy to answer your questions.