Oklahoma Medicare Supplement Plans (Medigap)

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Oklahoma Medicare supplement plans were developed specifically to add additional benefits to your traditional Medicare coverage.

These policies were created to provide extra coverage for what is not currently being covered by Original Medicare. Included in that is out of pocket expenses, such as deductibles, copayments, and coinsurance.

Medigap plans, commonly referred to as Medicare supplement plans, are available to you through sale by private insurance companies. Oklahoma Medicare benefits and coverage are categorized into separate parts and plans.

Oklahoma Medicare Options and BenefitsOklahoma Medicare

There are four different Medicare parts available for Oklahoma.

  • Hospital Insurance – Part A : Oklahoma Medicare Part A will cover inpatient procedures and hospitalization.
  • Doctors Insurance – Part B : Part B focuses on any additional medical expenses that occur outside of the hospital setting. Such as doctor visits, testing, and any outpatient procedures. Part A and Part B work together to create the Original Medicare plan.
  • Part C : Also known as “Medicare Advantage”, Part C refers to plans that come directly from Medicare approved private health insurance companies. This plan replaces Part A and Part B, but may have some limitations.
  • Medicare Part D : Medicare Part D covers prescription drug plans.
  • Oklahoma Medicare Supplements Plans: These plans assist with costs in healthcare that Original Medicare will not cover. This was created solely to aide your current Medicare plan.

Medicare Requirements for Coverage in Oklahoma

In order to be eligible for Oklahoma Medicare Supplement Plans, you must be 65 years of age or older and be enrolled in Medicare Part B.

It is important to note that there is a Part B Late Penalty if you do not sign up when you are first eligible. If you enroll when you are first eligible, you will not be penalized. If you enroll after the initial 12-month period, your Medicare Part B premium will increase by 10% each year thereafter.

Medicare Eligibility in Oklahoma for the Disabled, Under 65

If you are currently receiving disability benefits from Social Security in Oklahoma or Railroad Retirement benefits, you automatically receive Part A and Part B, and depending on your location, you may be eligible for Oklahoma Medicare Supplement Plans.

There are currently plans available for Medicare in Oklahoma to those on disability.

How to Enroll in Oklahoma Medicare Supplement Plans

In the state of Oklahoma, the Open Enrollment Period (OEP) will begin on the first day of the month that you are at least 65 years old and when your Part B Medicare has become effective.

For example, if you turn 65 on January 31st of 2018, and your Medicare Part B effective date is March 5th, then your Open Enrollment Period begins the same year, on April 1st.

After you’ve determined when your OEP begins, it will be in effect for the following 6 months. At which point you are granted Guaranteed Issue (GI).

With Guaranteed Issuance, no senior can be turned down for a Medicare Supplement or Medigap policy.

You may also be entered into a Special Enrollment Period (SEP) with Guaranteed Issuance (GI) if your employer sponsored plan benefits are reduced by a substantial amount.

Medigap Prices in Oklahoma

Aside from the price being specific by the provider, cost is also determined by different factors such as location, sex, and age.

With that in mind, a plan in Tulsa, Oklahoma may have a different premium than a plan in Oklahoma City.

Before selecting a policy, we suggest doing your research. Some policies may seem like a good deal, but in reality they may leave you paying more than originally anticipated.

Each carrier uses one of three types of Medigap pricing methods:Medigap Prices in Oklahoma

  1. Community Rated: With Community Rated Medigap plans, everyone pays the same amount. Age is not a factor, and your premium will not go up as you get older. However, it may increase for other factors or due to inflation.
  2. Issue Age Rated: Issue Rated Medigap plans are based on your age at the time you purchased the policy. Your premium will not increase because of your age. The older you are when you obtain your policy, the more you will pay.
  3. Attained Age Rated: Attained Age Rated Medigap will always be calculated based on your current age. This may be the lowest-priced option when you are 65, however the cost increases each year as you get older. Attained Age Rated Medicare Supplements typically start increasing around the age of 68, anywhere from 1.5%-5% per year.

Oklahoma Top Medicare Supplement Plans

When comparing the best Oklahoma Medicare Supplement Plans, it is important to remember that regardless of the carrier you decide to go with, the letter plan benefits will be the same. The only difference for each plan is what the provider chooses to charge.

For example, the same letter plan in Norman, Oklahoma may differ in cost from the letter plan in Lawton, Oklahoma.

Oklahoma Medicare Plans F, G, N and HDF

  • Plan F: Because it leaves beneficiaries with the minimal out-of-pocket expenses, Medicare Supplement Plan F is one of the more popular choices amongst Medicare recipients. Regardless of the provider, you will receive the exact same coverage. This plan covers most of the remaining hospital and doctor costs, after Medicare handles their portion of the costs.
  • Plan G: Medicare Supplement Plan G is sold by private insurance companies and all offer the same benefits. However, the the prices vary with every provider. Plan G and Plan F are the only plans that cover any of your excess charges.
  • Plan N: Medicare Supplement Plan N benefits cover expenses not paid through Medicare health insurance coverage. While Plan N may not provide the fullest coverage, it is still considered one of the more affordable plans available.
  • Plan HDF: High Deductible Plan F was originally created to work with Medicare Part A and Part B. With HDF, you will receive full coverage on all out-of-pocket costs including co-payments, deductibles, coinsurance, and any excess charges that Original Medicare does not cover. HDF holds you responsible for any medical expenses up to your designated deductible amount. Due to the deductible, the premium is significantly lower than Plan F.

Medicare Advantage Plans in Oklahoma

Medicare Advantage, commonly known as Medicare Part C, is an option you may choose that will require you to give up Original Medicare Part A and Part B.

The insurance provider you’ve chosen will then become your primary coverage. You’ll no longer have Medicare Part A and Part B. This is because Medicare Part C (Medicare Advantage) will have taken the place of those options.

Unfortunately, in doing so, you are then required to choose from that providers list of hospitals and doctors, which can be challenging as the network often changes. Whereas when choosing Medigap, you are not limited to where you are able to seek health care.

While both Medicare Advantage and Medigap have their benefits, we typically find that Medigap is more affordable, due to having less out of pocket risk.

Choosing Medigap along with Original Medicare gives you the best coverage to ease your mind when medical emergencies happen.

Oklahoma Medicare Prescription Drug Plans

Prescription drugs can often add unexpected expenses to your health care bill. With that in mind, most people gravitate toward purchasing a Part D plan. They do this to avoid paying the full costs of prescribed medicine.

There are some plans that already include prescription drug benefits. Like Part C or Medicare Advantage, but do not wait and find yourself without coverage on prescription drugs.

Keep in mind there is a Part D penalty. If you do not hold prescription drug coverage once you qualify for Original Medicare, you become subject to a penalty.

Medicare determines the penalty amount. They do this by multiplying 1% of the national base beneficiary premium times the number of months that you did not hold Part D coverage.

Compare Medicare Rates in Oklahoma OnlineCompare Medicare Rates in Oklahoma Online

If you’ve made the decision to move forward and gather more information on Medicare options including Medigap, Medicare Advantage, PDP plans, we suggest giving us a call! One of our agents would be happy to assist you to help get the process started.

You may also fill out the form at the top of this page for a quote, or compare rates here.

Oklahoma Medicare Resources

We understand that sometimes the cost of health care can seem intimidating and create stress, but it is important to be aware that there are options for Extra Help available.

With the Medicare Savings Program (MSP), there are currently four types of programs available to those who may require extra financial aid.

Additionally, some may also opt for SHIP, a Senior Health Insurance Counseling program. Each state has their own individual program. Each provides assistance to those who currently have, or are eligible for, Medicare, Medicare Supplements, and Medicare Advantage.

Oklahoma Medicare FAQ

  1. Does Aetna have a Medicare Supplemental plan for Oklahoma residents? As one of the largest health insurance carriers in the world, yes, Aetna currently has a few different available Medicare Supplement Plan options for Oklahoma residents. To discuss the options further, contact us today!
  2. Does Medicare pay for assisted living in Oklahoma? The answer to this depends on the situation. Medicare will not pay for lengthy stays in nursing homes or long-term care facilities. It also will not pay for short-term stays unless you were first hospitalized. For more information, we encourage you to contact us today and speak to one of our agents.
  3. What doctors accept Medicare in Oklahoma City? Depending on the coverage you have, a majority of doctors will accept Medicare in Oklahoma City. If you are inquiring about a certain physicians office, you may want to first take a look at the physician compare service to determine if they accept Medicare.