Medicare Supplement Plans in Ohio

Sometimes Ohio Medicare beneficiaries age into Medicare at age 65 without knowing all the associated costs. Medicare has monthly premiums for Parts B and D and you are also expected to pay deductibles and copays for your services as you go along. This is where an Ohio Medicare supplement plan can help.

Medicare Basics

Original Medicare was created in the 1960s with two parts to cover your hospital and outpatient needs. Part A provides your inpatient needs and usually doesn’t cost anything as long as you or a spouse have worked at least 10 years in your lifetime in the U.S. Part B provides your outpatient insurance, and currently, in 2017, most new enrollees pay $134/month for this coverage.

Part B pays for about 80% of your outpatient services, which includes doctor visits, labwork, surgeries, durable medical equipment, diagnostic imaging, and also some expensive items like chemotherapy or radiation.  Clearly, 20% of these items would still be a lot out of pocket for you.

Medicare Supplement Plans

Medicare supplement plans in Ohio help to fill in these gaps. There are ten standardized plans that you can choose from, and each plan covers a slightly different set of gaps. If you want the most comprehensive coverage you can buy, than Medigap Plan F will cover all the deductibles and copays for you. When you go the doctor or the hospital, you will not need your wallet.

This full coverage makes Plan F the most expensive supplement though. If the premiums are too high, you can consider a plan that covers less like Plan G or Plan N. On these plans you will pay for some of your own cost-sharing items, and in return, your Medicare supplement will be cheaper.

Medicare supplements only fill in the gaps for Part A and B covered services though, so you’ll want to enroll in a standalone drug plan in order to get help with your prescriptions.

Medicare Advantage Plans

While everyone would like the coverage from a Medigap plan, not everyone can afford it. Many people on Medicare are living on fixed incomes. These people have another alternative which is called Part C, or Medicare Advantage plans. These are private plans through which you get your Part A and B and often D services too.

Medicare Advantage plans have networks of doctors and hospitals. When you join the plan, you agree to treat with the plan’s network in order to get lower copays. Some plans, like Medicare HMO Plans, will require you to choose a primary care provider. You’ll usually need to get a referral from this doctor before you can see a specialist. Other plans are PPO or PFFS networks. On these plans, you can use doctors outside the network as long as the doctor agrees to accept your coverage. Your cost share for seeing doctors outside the network is generally higher though, so treat within the network whenever you can.

These Part C plans have lower premiums but you will have copays for your services as you go along. For example, you might pay $5 or $10 to see your primary care doctor, and more for a specialist. If you have a surgery or hospital stay, it might cost you a flat $250. Every plan works a little differently so be sure to review the plan’s summary of benefits to see what your cost-sharing will be for various healthcare services under the plans.

Ohio Medicare Insurance Companies

There are a number of great insurance companies doing business in Ohio. With Medigap plans, the plans are standardized so you can compare the plans based on price. The benefits of that plan are exactly the same with each carrier so there is no sense in you paying more than you need to.

Some of the popular carriers offering plans in Ohio this year are Aetna Health and Life Insurance Company and United World Life Insurance company, which is owned by Mutual of Omaha.

Your Insurance agent can also help you look at each company’s financial ratings and rate increase histories too. Try to choose a carrier that has competitive low premiums now but also has had low and manageable rate increases for its policyholders from year to year.

If you have decided to go the Medicare Advantage route, the best way to see available plans is by using Medicare’s plan finder tool. By entering your zip code and your list of medications, the Plan Finder tool can locate the plans that will have the lowest annual out-of-pocket costs on drug spending. When you find one that seems like a good fit, be sure to check with your doctors first to make sure they are in the network.

You have some great options in Ohio for Medicare supplemental coverage. Take your time to review the different plans and choose the one that will best fit your needs, lifestyle, and budget. To get help from our team of Medicare experts, call us at 1-855-732-9055.