How Much Is Aarp Medicare Supplemental Insurance?

If you’re over 65 and looking for extra coverage to supplement your Medicare plan, you may be considering AARP Medicare Supplemental Insurance. With the rising costs of healthcare, it’s important to know how much this coverage may cost you and what benefits it provides.

AARP Medicare Supplemental Insurance plans, also known as Medigap plans, are offered through UnitedHealthcare and can vary in cost depending on your location and the level of coverage you choose. In this article, we’ll explore the different plan options available and what you can expect to pay for this additional coverage.

How Much is AARP Medicare Supplemental Insurance?

If you are looking for additional coverage to help pay for out-of-pocket costs not covered by Medicare, then AARP Medicare Supplemental Insurance may be a good option for you. These plans are designed to fill in the gaps and provide extra benefits that original Medicare does not cover. But how much does AARP Medicare Supplemental Insurance cost? Let’s take a closer look.

1. Plan Options

AARP offers several different plan options to choose from, each with its own set of benefits and costs. The most popular plans are Plan F and Plan G, which cover the majority of out-of-pocket costs not covered by Medicare. Plan F is more comprehensive but also more expensive, while Plan G has slightly lower premiums but requires you to pay the Medicare Part B deductible.

Plan F

Plan F covers 100% of the Medicare Part A and B deductibles, as well as all coinsurance and copayment costs. It also covers excess charges, which are fees that doctors can charge above the Medicare-approved amount. However, Plan F is being phased out for new beneficiaries as of January 1, 2020.

Plan G

Plan G covers all of the same benefits as Plan F except for the Medicare Part B deductible. This means you will have to pay $198 in 2020 before your coverage kicks in. However, because Plan G has slightly lower premiums than Plan F, you could potentially save money in the long run.

2. Premiums

The cost of AARP Medicare Supplemental Insurance premiums varies depending on your location, age, and the plan you choose. On average, premiums range from $150 to $250 per month. However, some states may have higher or lower premiums due to state regulations.

Factors That Affect Premiums

– Age: Premiums are typically higher for older individuals.
– Location: Depending on where you live, premiums may be higher or lower.
– Gender: Some states allow insurers to charge different premiums based on gender.
– Smoking status: Some insurers may charge higher premiums for smokers.

How to Save Money on Premiums

– Shop around: Compare plans and premiums from different insurers to find the best deal.
– Consider a high-deductible plan: Choosing a plan with a higher deductible can lower your monthly premiums.
– Enroll during Open Enrollment: During Open Enrollment, insurers cannot deny you coverage or charge you higher premiums based on pre-existing conditions.

3. Benefits

AARP Medicare Supplemental Insurance offers a range of benefits, including:
– Coverage for coinsurance, copayments, and deductibles not covered by Medicare
– Coverage for emergency medical services while traveling abroad
– Guaranteed renewable coverage
– No network restrictions: You can see any doctor that accepts Medicare
– No referrals needed: You can see any specialist without a referral from a primary care physician

4. AARP vs Other Insurers

AARP Medicare Supplemental Insurance is just one of many options available to Medicare beneficiaries. Other insurers, such as Blue Cross Blue Shield and Mutual of Omaha, also offer Medicare Supplemental Insurance plans. When comparing plans, it is important to consider factors such as premiums, benefits, and financial stability of the insurer.

Financial Stability

When choosing an insurer, it is important to consider their financial stability. Look for insurers with a strong financial rating from independent rating agencies such as A.M. Best and Standard & Poor’s.

Benefits

Compare the benefits offered by different insurers to see which plan best meets your needs. Consider factors such as deductibles, coinsurance, and copayments.

Premiums

Shop around to find the best deal on premiums. Consider factors such as age, location, and smoking status.

In conclusion, AARP Medicare Supplemental Insurance can be a great option for those looking for additional coverage to help pay for out-of-pocket costs not covered by Medicare. While premiums can vary, it is important to shop around and compare plans from different insurers to find the best deal. Consider factors such as benefits, financial stability, and premiums when choosing a plan.

Frequently Asked Questions

Here are the most common questions people ask about AARP Medicare Supplemental Insurance:

What is AARP Medicare Supplemental Insurance?

AARP Medicare Supplemental Insurance is a type of health insurance that helps cover the gaps in Original Medicare. It’s also known as Medigap and is offered by private insurance companies. The AARP Medicare Supplemental Insurance plans are designed to supplement Medicare Part A and B coverage and provide additional benefits.

The plans are standardized, meaning they offer the same basic benefits, regardless of the insurance company you choose. However, the premiums may vary depending on the insurance company and the plan you select.

How much does AARP Medicare Supplemental Insurance cost?

The cost of AARP Medicare Supplemental Insurance varies depending on the type of plan you choose, your age, location, and other factors. Generally, the premiums for Medigap plans are higher than other types of Medicare plans, such as Medicare Advantage.

You may be able to get a discount on your premiums if you enroll in a plan when you first become eligible for Medicare or if you pay your premiums annually. It’s important to compare the costs and benefits of different plans before selecting the one that’s right for you.

What benefits does AARP Medicare Supplemental Insurance offer?

AARP Medicare Supplemental Insurance offers a range of benefits, depending on the plan you choose. The plans cover some or all of the costs that Original Medicare doesn’t cover, such as deductibles, copayments, and coinsurance. Some plans may also cover additional benefits, such as foreign travel emergencies and excess charges.

It’s important to note that AARP Medicare Supplemental Insurance does not cover prescription drugs. You’ll need to enroll in a separate Medicare Part D plan to get coverage for your medications.

Can I enroll in AARP Medicare Supplemental Insurance at any time?

You can enroll in AARP Medicare Supplemental Insurance at any time, but it’s best to enroll during your Medigap Open Enrollment Period. This period begins on the first day of the month you turn 65 and are enrolled in Medicare Part B and lasts for six months.

During this period, insurance companies cannot deny you coverage or charge you higher premiums based on your health status. If you miss this period, you may still be able to enroll in a plan, but you may be subject to medical underwriting and may be charged higher premiums.

How do I enroll in AARP Medicare Supplemental Insurance?

To enroll in AARP Medicare Supplemental Insurance, you’ll need to contact an insurance company that offers the plans. You can find a list of companies in your area on the Medicare website or by contacting your State Health Insurance Assistance Program (SHIP).

Once you’ve selected a plan, the insurance company will guide you through the enrollment process. You’ll need to provide some personal and medical information, and the insurance company may ask you to undergo medical underwriting if you’re enrolling outside of your Medigap Open Enrollment Period.

In conclusion, AARP Medicare Supplemental Insurance can be a valuable investment for those who are looking for additional coverage beyond what traditional Medicare provides. While the cost of the insurance varies depending on factors such as age, location, and health status, it is important to remember that the benefits it offers can help offset the high out-of-pocket costs that come with medical treatment.

By enrolling in an AARP Medicare Supplemental Insurance plan, you can rest assured that you will have access to a wide range of healthcare services without having to worry about the financial burden that often comes with them. From doctor visits to hospital stays, you can have peace of mind knowing that you are covered when you need it most.

Ultimately, the decision to enroll in AARP Medicare Supplemental Insurance is a personal one that depends on your individual needs and budget. However, by taking the time to research your options and speak with a licensed insurance agent, you can make an informed decision that will help protect your health and financial well-being for years to come.