Nevada Medicare Supplement Plans (Medigap)
Nevada Medicare Supplement Plans exist to provide extra coverage alongside Traditional Medicare. Private insurance companies provide these supplemental plans and are offered in Nevada as well as across the country.
The benefit of carrying a Medigap Plan is that it provides coverage for what straight Medicare won’t. An added bonus with these type of plans is less out of pocket costs (OOP) associated with deductibles, copayments and coinsurance.
Original Medicare is broken down into four parts while Medigap Plans are separated into parts and plans and will be further explained here.
Nevada Medicare Plans Explained
- Traditional Medicare Part A provides coverage for any hospitalizations, inpatient procedures, blood work and diagnostic imaging during admittance.
- Traditional Medicare Part B provides outpatient treatment including doctors office and ER visits, lab work and diagnostic imaging/testing.
- Medicare Part C is also known as a Medicare Advantage Plan. This plan provides the same coverage as Traditional Medicare Parts A & B and will actually replace those policies. This is why oftentimes you may also hear it called a Medicare Replacement Plan. While covering the same medical expenses as Original Medicare it generally comes with certain policy limitations.
- Medicare Part D provides coverage for prescription medications. This plan can also be referred to as a Prescription Drug Plan or PDP and is essential to have as Traditional Medicare and any Supplement Medicare Plans do not provide any prescription drug coverage.
- And lastly there are the Nevada Medicare Supplement Plans. Nevada offers ten letter plans that provide coverage similar to Traditional Medicare. The biggest difference with Medicare Supplement Plans is that they provide the added benefit of covering some of the deductibles, copays, coinsurance and other medical expenses that Medicare doesn’t pay.
What Does Medicare Cover in Nevada
Medicare Part A and Part B covers much of the cost associated with inpatient and outpatient healthcare. Once your deductible has been met, these services will be covered at 80%.
This leaves the beneficiary responsible for the remaining 20% coinsurance on any of the above health care services. Nevada residents can help cut down their OOP costs by obtaining a Medigap Plan.
Eligibility for Nevada Medicare Supplement Plans
To qualify for Nevada Medicare Supplement plans, you must be at least 65 years of age, already have Medicare Part B coverage and not currently be enrolled in a Medicare Advantage Plan.
The Open Enrollment Period (OEP) for a Medigap Plans starts the three months prior to your 65th birthday and continues through the month of your birthday and three months after. You have a total of 7 months to obtain a Supplement Plan without penalty.
The Part B penalty increases your premium by 10% for failing to enroll each full 12-month period you went without coverage. As of 2018 the monthly premium is $134.00. To avoid additional OOP costs you want to make sure to enroll during your OEP.
If you have disability benefits from Social Security or certain disability benefits from the Railroad Retirement Benefits for 24 months you’re automatically enrolled in both Medicare Parts A and B.
In some states individuals whom suffer from or End Stage Renal Disease (ESR) are eligible for disability under the age of 65.
Federal law does not require that private insurance agencies offer a Medigap Plan for those who are disabled and under age 65. If you’re currently receiving SSDI or have ESRD give us a call.
Our licensed insurance agents are available to help guide you through this confusing process.
How to Enroll in Nevada Medicare Supplement Plans
The Open Enrollment Period for Supplement insurance begins the 1st day of the month after turning 65 and already being enrolled in Medicare Part B. You then have an additional 6 months to enroll and are then granted the Guaranteed Issue (GI) right.
What the GI ensures is guaranteed coverage regardless of any pre-existing medical conditions. If you enroll outside of your GI you’re susceptible to the underwriting process.
With the underwriting process you may be denied coverage altogether or if accepted then be required to pay higher premiums due to your existing health issues.
Nevada’s insurance premiums are determined by the individual, private insurance carriers. Your age, sex and location will factor into the monthly premiums. While each Plan itself has the same coverage, a person living in Las Vegas vs. a person living in Reno will have different premium costs.
Additionally, there are 3 different pricing methods that are determining factors. Community rated pricing, issue-age rated pricing and attained-age-rated pricing.
Your overall cost will depend on which method is used. You can click here for more info or call for more info.
The Top Nevada Medicare Supplement Plans
The various private insurance carriers offer a total of 10 different Medigap Plans. Regardless of which carrier you choose to enroll with, the insurance benefits stay the same.
Despite coverage being the same across the board, different carriers can choose to charge different premiums. Of the 10 letter plans the top 3 are Plans F, G and N.
Nevada Plan F
Considered the most comprehensive of all the letter plans. Plan F provides 100% coverage of Medicare Part A and Part B deductibles, any copayments, coinsurance, skilled nursing care as well as coverage for any Medicare Part B Excess charges. It also has the added benefit of foreign travel coverage.
Plan G in Nevada
Similar to Plan F, Plan G has the exact same benefits minus the $183.00 deductible for Medicare Part B.
Nevada Plan N
Also popular, Plan N covers Medicare Part A’s deductible only. While this is a more affordable option it provides less benefits. Additionally, the insured will be required to pay a copayment for doctors and ER visits.
This plan has no excess charge coverage which some states allow the physicians to charge. This doesn’t affects Nevada residents as your state does not permit excess charging.
Medicare Advantage Plans in Nevada
Medicare Advantage plans are also by the private insurance agencies. This plan has the exact same coverage as Medicare Part A and Part B. Keep in mind, this plan will replace them and will be your primary plan. It may also provide some additional coverage.
While this sounds like a better option as it is often cheaper than a Medigap Plan, these plans come with restrictions. There are many coverage restrictions and overall your OOP costs are higher. In the long run you end up saving more money by going in one of the Nevada Medicare Supplement Plan.
Nevada Medicare Part D (PDP)
There is no prescription drug coverage through Traditional Medicare or any of the Medigap Plans. Everyone knows that prescription medications can be costly, especially the name brand drugs. And as most seniors are on numerous medications as well as a fixed income it’s imperative to enroll in a PDP.
This plan provides coverage for most medications ordered by your treating physician. It will save thousands of dollars in OOP costs.
Like Part B, there is a penalty for failing to enroll during your IEP. You have 7 months to enroll for your PDP Plan before the penalty is applied to your monthly premium. The cost will be determined on how long you went without drug coverage.
To ensure the best healthcare coverage with the least OOP expenses you will want to enroll in Medicare Part A, Medicare Part B, a Medigap Plan and Medicare Part D combined.
Get Online Rates for Nevada Medigap Insurance
Whether you are trying to Obtain a Medigap Plan, a Medicare Part C Plan or Florida Medicare or Prescription Drug Plans we can help! You can obtain rates and compare plans by filling out our online form.
Our licensed insurance agents will help you navigate through this complex and sometime confusing task. Our services are are always 100% free so contact us to get help today.
Nevada Medicare Resources
There are state health insurance programs across the nation that provide counseling and assistance for the federal Medicare program.
These programs can help with the OOP expenses associated with coverage. You can find more information for assistance in the state of Nevada here.
- Do you need supplemental insurance for Medicare in Nevada? The correct answer is no, the, “smart”, answer is yes. To avoid the 20% OOP cost that Medicare doesn’t cover you will want to obtain one of the Nevada Medicare Supplement Plans.
- Does Medicare cover prostate cancer in Nevada? Cancer treatments such as chemotherapy and radiation are generally covered by Medicare Part B. These treatment options are considered outpatient and covered at 80%.
- How can I get a new medicare card in Las Vegas? Regardless of if your card was lost, stolen or destroyed, you can obtain a replacement card either online or by contacting Social Security.