Medicare Supplement Plans in Oklahoma
Oklahomans who have enrolled in Medicare Part A and Part B usually look for a way to manage their coinsurance, deductibles, and copayments. Medicare Supplement plans in Oklahoma continue to provide beneficiaries with a popular choice. In exchange for a monthly premium, these plans will fill in many gaps that Original Medicare leaves open. To decide if Medigap policies are the right choice for you, learn more about how they work in The Sooner State.
Medicare Supplement Plans in Oklahoma: Enrollment Statistics
These are some highlights of Oklahoma enrollment numbers of Medicare and Medicare Supplement plans:
- Original Medicare beneficiaries: Over 570,000
- Owners of Medigap plans: About 180,000
- Approximate percentage with Medigap: About 31 percent
- Popular Medicare Supplement plan in Oklahoma: Plan F, with almost 130,000 policyholders
This lists the most populated Oklahoma counties:
- Oklahoma County, OK: 782,970
- Tulsa County, OK: 642,940
- Cleveland County, OK: 278,655
- Canadian County, OK: 136,532
- Comanche County, OK: 122,136
Understand Rate Calculations for Medicare Supplement Plans in Oklahoma
It’s important to understand how an insurance company calculates rates for any Medicare Supplement plan in Oklahoma that you are considering. The difference in methods may make some plans appear cheaper in the beginning but more likely to increase in price in the future.
For example:
- In Oklahoma, attained-aged premiums are most common. This means that the basis for the rate is your current age, regardless of how old you were when you bought your plan. These premiums will usually appear cheaper at age 65 but may rise more by the time you reach 75 or 85.
- A few insurers, like Old Surety Life, may offer an issued-age Medigap plan. If you purchase these kinds of Medigap policies at age 65, they may seem more expensive at first but are unlikely to increase in price as much in the future.
No matter how Oklahoma companies calculate prices, your premiums are likely to increase over time. That’s why it’s important to look into the rate-increase history of insurers and to understand how they calculate prices.
Choices for Medicare Supplement Plans in Oklahoma
Oklahoma offers the same 10 Medigap plans that most states do. While Plan F has the most members by far, Plans G and N are close to each other for the second and third rank. Plan F and G both Medicare Part B excess charges or those bills that exceed Medicare’s schedule of allowed amounts.
Plan N doesn’t cover excess charges, so you might take this plan if you don’t mind finding doctors who accept Medicare Assignment. Plan N is a good choice for people who prefer to have lower rates and pretty good coverage. While Plan F has a good lead in enrollment numbers, Plans N and G are growing more quickly as a portion of total enrollment.
How Medicare Supplement Plans in Oklahoma Cover Prescription Drugs
You may have noticed that most Medicare Advantage plans come with Medicare prescription drug coverage. Like Original Medicare, Medicare Supplement plans in OK only help pay for certain prescriptions in limited circumstances:
- Part A may help pay for prescriptions that you receive in a hospital or other inpatient medical facility.
- Part B may help pay for the sorts of prescriptions you get in certain outpatient facilities from a medical professional.
- Neither Part A nor Part B was meant to pay the pharmacists at the drugstore.
Unless you have another qualified prescription plan, you need to enroll in a Medicare prescription drug plan, typically called Medicare Part D. Otherwise, you could get penalized if you enroll late. You also will have to pay the entire bill for your medicine. You get a chance to enroll in one of these plans when you first become eligible for Medicare and can switch during the annual Medicare Part D Open Enrollment.
Medicare Supplement Plans in Oklahoma: When to Enroll
The Medigap Open Enrollment period differs from Open Enrollment for Part D and Medicare Advantage. Federal laws give everybody an Initial Enrollment Period that begins when they are first enrolled in Medicare Part A and Part B AND over 65. This starts on the first day of the first month and lasts for six more months. Some Medicare Supplement companies will allow you to apply in advance of this date, so you know that you have your insurance plan in place right away.
During this time, no insurance company can refuse to cover you or increase your premiums because of pre-existing conditions. If the applicant doesn’t have credible coverage in place, the insurer may impose a six-month waiting period for health conditions, but not all companies do that. That’s why most insurance agents will tell you that this is the best time to compare Medicare Supplement plans.
Medigap Under 65
State law also requires insurers to offer at least one of their Medicare Supplement plans in Oklahoma to people who are under 65 and get Medicare because of a disability. Limited choices and the possibility of waivers for pre-existing conditions generally motivate most of these younger recipients to choose Medicare Advantage. When a younger Medicare beneficiary does turn 65, he or she will get the same enrollment rights as others.
Using Oklahoma Medicare Supplement Plans Across State Lines
If you’re an Oklahoma Medicare beneficiary who intends to travel, you should know that flexibility is one of the best benefits of Medicare Supplements. You can use this kind of Medicare insurance with virtually every medical provider who accepts Medicare. Some Medicare Supplement plans will even pay 80 percent for urgent care in another country, which is not something Part A or B cover.
If you buy your Medigap plan from a nationwide carrier, you can probably also transfer your insurance to a new state if you move; however, you need to let the company know your new address. Your rates will probably change. If you can’t transfer your Medicare Supplement plan, you will get a two-month Guaranteed Enrollment Period to choose another insurer in your new state.
Oklahoma Medicare Resources
These are some of the best resources to help you compare your Medicare choices and benefits: