Medicare Supplement Plans in South Dakota
Medicare Supplement plans in South Dakota, or Medigap, are designed to cover costs that Original Medicare doesn’t. This can include copays, coinsurance, excess charges, and medical emergencies encountered while traveling abroad.
Medicare may standardize Medigap policies, but the cost and accessibility of these plans differ depending on age, gender, insurance provider, and residing state.
When considering Medigap plans in South Dakota, it is necessary to understand the elements that influence its affordability and availability.
Key Takeaways:
- There are ten Medigap plans available to choose from.
- Medigap Plan G is the most popular plan in South Dakota.
- Premiums for Plan G range from $104 to $382 monthly.
- American Home Life Insurance Company offers the lowest Plan G rate.
What’s the Most Popular South Dakota Medigap Plan in 2023?
Medigap Plan F and Plan G are the two most popular plans in South Dakota.
Plan G has become the preferred choice for new beneficiaries, with over 30,500 enrollees.
Starting in 2020, certain modifications have been implemented that restrict the enrollment of new Medicare beneficiaries in Plan F. Although Plan F has gained popularity with over 39,400 beneficiaries, it is no longer available to new enrollees.
Listed below are additional plan choices and their corresponding enrollment figures:
Medigap Providers With the Cheapest Rates in South Dakota
According to our analysis, American Home Life Insurance Company offers the most competitively priced Plan G in the state. However, it’s crucial to consider various factors when choosing a Medicare Supplement company.
To help you make an informed decision, we’ve prepared a comparison chart that includes premium examples and ratings for American Home Life Insurance Company and other providers in Dakota.
| Company | AM Best Rating | Plan G Rates | Plan B Rates | Plan K Rates | Plan F Rates |
|---|---|---|---|---|---|
| American Home Life Insurance Company | B++ | $104.37 | n/a | n/a | $125.28 |
| Allstate Health Solutions | A+ | $104.51 | n/a | n/a | $129.27 |
| Ace Property and Casualty Insurance Company | A++ | $106.00 | n/a | n/a | $121.50 |
| Philadelphia American Life Insurance Company | A- | $107.87 | n/a | n/a | $177.03 |
| SBLI USA Life Insurance Company, Inc (Prosperity) | A- | $108.46 | n/a | n/a | $117.19 |
| United States Fire Insurance Company | A | $108.92 | $125.58 | $51.42 | $134.50 |
| American Benefit Life Insurance Company | A- | $109.62 | n/a | n/a | $136.03 |
| AFLAC | A+ | $110.83 | n/a | n/a | $131.20 |
| Elips Life Insurance Company | A | $119.58 | n/a | n/a | $150.67 |
| Mutual of Omaha Insurance Company | A+ | $127.20 | n/a | n/a | $150.82 |
| American Continental Insurance Company (Aetna) | A | $128.12 | $187.18 | n/a | $246.07 |
| Capitol Life Insurance Company | A- | $129.59 | n/a | n/a | $160.98 |
| Manhattan Life Assurance Company | B++ | $133.17 | n/a | n/a | $171.58 |
| Heartland National Life Insurance Company | NR | $134.36 | n/a | n/a | n/a |
| Cigna National Health Insurance Company | A | $135.74 | n/a | n/a | $152.09 |
| Union Security Insurance Company | B++ | $135.82 | n/a | n/a | $172.83 |
| Accendo Insurance Company | A | $145.33 | n/a | n/a | $158.44 |
| Assured Life Association | NR | $176.32 | n/a | n/a | $227.89 |
| Bankers Fidelity Life Insurance Company (Preferred) | A- | $185.19 | n/a | $95.08 | $242.10 |
| United American Insurance Company | A | $186.00 | $202.00 | $81.00 | $219.00 |
| Guarantee Trust Life Insurance Company | A- | $193.69 | n/a | n/a | $236.27 |
| Humana Insurance Company | A- | $216.39 | $155.46 | $77.90 | $234.49 |
How Much Do Medigap Plans Cost in South Dakota?
American Home Life Insurance Company provides the most competitively priced Plan G, starting at $104.37 monthly. For Medigap Plan F, Ace Property and Casualty Insurance Company offers the lowest rate at $121.50.
United States Fire Insurance Company offers Plan B at $125.58 per month, with Plan K at $51.42 per month.
The cost of your actual monthly premium is determined by various factors such as your age, zip code, tobacco status, and choice of insurance provider.
Do Medigap Plans Have a Maximum Out-of-Pocket?
Most Medigap plans do not include a maximum out-of-pocket limit, which is considered unnecessary due to their comprehensive coverage. These plans effectively fill the gaps left by Original Medicare, making the need for a cap on out-of-pocket expenses obsolete.
It is important to note that Medigap Plan K and Plan L have an exception. These plans, intended for cost-sharing purposes, have maximum out-of-pocket limits because they do not offer comprehensive coverage for all incurred expenses.
In 2023, Medigap Plans K and L have out-of-pocket limits of $6,940 and $3,470 respectively. Once these thresholds are met, the plans will cover 100% of the approved services.
Explore our Medicare Supplement Plan Comparison Chart to gain a more comprehensive understanding of each plan’s details.
Does CMS Regulate Medicare Supplement Insurance?
Medigap plans are regulated by the Centers for Medicare & Medicaid Services (CMS), a federal agency managed by the Department of Health and Human Services. Medigap policies must adhere to Federal and state laws to ensure consumer protection, standardized coverage options, and financial security.
However, it’s important to note that private insurance companies sell and administer these plans. While the CMS establishes coverage standards, prices can vary among different insurance providers.
What’s Next
To enroll in a Medigap plan, simply reach out to one of our agents and confirm your eligibility during your Open Enrollment Period or if you have guaranteed issue rights. After that, complete the application and select the desired start date for your policy.
Our expertise lies in guiding Medicare beneficiaries and helping them navigate their Medicare insurance options. We collaborate with some of the nation’s highest-rated Medigap carriers to ensure that you receive exceptional service.
Feel free to call us today or request a quote online.
Frequently Asked Questions:
Mutual of Omaha, Aetna, and American Home Life Insurance Company are all great options. All three carriers offer a range of plans,
On average, Medicare Plan G in South Dakota ranges from $104-$382 monthly, although the actual cost will depend on several factors, such as the applicant’s age and ZIP code.
These plans range from $51 to $382 per month. The cost of Medicare Supplement plans in South Dakota can vary depending on the type of plan you purchase.
Article Resources:
- Types of Medigap Plans
- How Much Do Medigap Plans Cost?
- When Can I Apply for a Medicare Supplement Plan?
- How Do I Enroll in a Medigap Plan?
- When Can I Change Medigap Plans?
- Can I Be Denied Medigap Coverage?
- CMS Medicare Services
- South Dakota Division of Insurance
- South Dakota State Health Insurance Assistance Program
Disclaimer:
Average quotes are for sample purposes only. Actual premiums are based on several factors, including health conditions, age, location, tobacco status, gender, and insurance provider.
