If you are looking for the best Medicare Supplement plans in Vermont, you must have been enrolled in Medicare Part A and Part B. You may already be aware that the Medicare insurance company helps pay a large portion of your medical bills, but it doesn’t pay absolutely everything. Because of this, you may have large bills that you will need to pay, but Medicare Supplement insurance plans in Vermont can help you bring those costs down.
Medigap plans in Vermont are known as “Medigap” because they fill in the gaps that your Original Medicare insurance leaves for you to cover. This article will help you understand how Medigap policies can lower your overall medical costs in Vermont.
What are the Top 5 Medicare Supplement Plans in Vermont?
1. Best full coverage: Plan F
Plan F has been the most popular of the Medicare Supplement insurance plan in Vermont, but it is limited to those who became eligible for the federal Medicare program before January 1, 2020.
When you purchase Plan F, your benefits will include
Part A hospital coinsurance
Hospital costs up to 365 days after benefits through Original Medicare are exhausted
Part A hospice care copays or coinsurance
Part A deductible
Part B deductible
Part B preventive office visit coinsurance
Part B coinsurance or copays
Excess charges for Medicare Part B
First three pints of blood needed for a medical procedure
Coinsurance for care in a skilled nursing facility
Limited foreign travel emergency care
2. Best comprehensive plan: Plan G
For those whose Medicare eligibility began after Jan. 1, 2020, Plan G offers the most comprehensive coverage. Plan G covers everything in Plan F except for the Part B deductible, which is $203 in 2021.
3. Best value: Plan N
Medigap Plan N covers all of Medicare Part B coinsurance costs. However, it requires a $20 co-payment for office visits and up to $50 for emergency room visits. Like Plan G, it doesn’t cover the Medicare Part B deductible.
Plan N covers:
Medicare Part A coinsurance and hospital stays up to 365 days
Medicare Part B coinsurance for outpatient care and procedures
Medicare Part B copays at doctors’ offices
Blood transfusion up to the first three pints
Short-term skilled nursing facility stays
80 percent of healthcare costs if you get sick during foreign travel
4. Best deductible plan: High Deductible Plan F
Plan F offers the most comprehensive coverage of all Medigap plans. Under the high deductible option, you pay for your care until it reaches the deductible of $2,370 (in 2021). Then, Plan F will cover all of your share on Medicare Parts A and B. The high deductible version of Plan F is only available to those enrolled in Medicare before Jan. 1, 2020.
5. Best for lowest premiums: High Deductible Plan G
The Plan G high deductible option is available for Medicare beneficiaries who became eligible for coverage after Jan. 1, 2020. Unlike Plan F, Plan G doesn’t cover the Medicare Part B deductible. You will have to pay the deductible of $2,370 (in 2021) before the plan pays your Medicare out-of-pocket costs.
What is the Best Supplemental Insurance to go with Medicare?
1. What is the most popular Medicare Supplement plan in Vermont for 2021?
For 2021, Plan F is the most popular Medicare Supplement plan in Vermont. However, it is only offered to those who became eligible for Medicare before January 1, 2020. For Medicare beneficiaries eligible after that day, Plan G is the most popular option.
2. Which plan has the best benefits in Vermont?
Because Plan F is the only plan to cover Medicare Part B deductibles among a long list of other benefits, it’s considered the Medicare Supplement plan with the best benefits.
3. How do I choose the best plan?
To pick the best plan, you and your licensed insurance agent will look at your budget, health needs, health history, and location. One of our experienced Policy Guide agents would be glad to help. We know selecting a Medicare Supplement plan is a confusing process, especially if it’s the first time you are choosing one.
Of note, if you receive Medicaid services in Vermont, you do not need Medicare Supplement insurance. Medicaid will pay for your share of Medicare-covered health insurance expenses.
4. Which Medigap company offers the best rates in Vermont?
Before paying for Medicare Supplemental insurance, you will be responsible for the standard monthly premium for Medicare Part B of $148.50 for 2021, an increase of $3.90 from $144.60 in 2020. The annual deductible for all Medicare Part B beneficiaries is $203 in 2021
As far Medigap pricing, unlike most states, Vermont does not allow Medigap insurers to use attainted-age ratings to determine price if you are 65 or over. With attained-age ratings prices go up as you get older.
Instead, in Vermont the price is based on the community rating. Community rating means that everyone 65 and older who purchases a Medicare Supplement insurance plan during the initial enrollment period pays the same rate for each Medicare Supplement insurance policy offered by each insurance company, regardless of age, health condition or gender.
What is the Average Cost for a Medicare Supplement Plan in Vermont for 2021?
For a 65-year-old nonsmoking female living in the 05401 zip code in Chittenden County
Plan F: $249.49 (range $165.02 to $378.36)
Plan G: $249.90 (range $201.75 to $325.13)
Plan N: $165.75 (range $123.62 to $199.24)
Common Vermont Medicare Supplement Plan Questions
What Companies Sell Medigap Plans in Vermont?
You have a lot of options when selecting a company for your Medigap plans in Vermont. The following three companies are the most popular in your service area.
In 2021, Cigna received a five-star rating from Medicare, which is the highest star rating possible. Among many other benefits, Cigna pays for telehealth services and doesn’t require a referral for out-of-network care. Cigna is one of the only Medicare supplement insurance plan providers to offer a 30-day money-back guarantee on their plans.
For 2021, Aetna has an overall weighted average of 4.0 out of 5.0 stars. Currently, Aetna has an “A” (xcellent) A.M. Best financial score. Many Medicare recipients consider the company to be one of the best Medicare Supplemental insurance companies.
3. Mutual of Omaha
For 2021, Mutual of Omaha received 2.5 stars out of a 5-star rating. Today, the company’s Supplemental plans have received an A+ (superior) rating from A.M. Best. The company has an outstanding reputation for offering competitive health plan rates and a fast, electronic application process.
Your licensed insurance agent, like us at Policy Guide, reviews plan options to discuss what medical coverage and Medicare benefits are best for you.
When Can I Apply for a Vermont Medicare Supplement Plan?
For most people, the best time to buy a Medicare Supplement policy in Vermont is during your initial enrollment period. This period lasts for six months and begins on the first day of the month in which you are both age 65 (or older) and enrolled in Medicare Part B.
During your initial enrollment period, an insurance company can’t use medical underwriting for pricing or deciding whether to issue a policy. Medical underwriting is a process an insurance company uses to decide, based on your medical history whether to issue an insurance policy.
After this enrollment period, you can buy a Medigap policy, but it may be more expensive because insurers can take your health condition into consideration.
However, in Vermont, some carriers offer year-round open enrollment for Medigap. This means you can change Medigap plans with one of these carriers at any time of the year without having to answer questions about your health. Again, this does not apply to all Vermont Medigap carriers.
Of note, the Medigap open enrollment period is not the same as the Medicare Advantage, also known as Plan C, open enrollment period. Those are two separate timelines and products. From Oct. 15 to Dec. 7, you can freely change your Medicare Part D prescription drug plan and your Medicare Advantage plan.
Which is better, Medigap Plan G or Plan N?
Both are good options for Vermont Medicare beneficiaries. Medicare Plan N has lower premiums but a higher cost-share than Plan G.
Here’s how they are the same:
Part A deductible
Part A coinsurance
Skilled nursing facility coinsurance
Foreign travel emergency
First three pints of blood
Here’s how the plans are different:
Like Plan F, Plan G covers all Part B excess charges.
Medicare Plan N offers no coverage for Part B excess charges. You may have a copay of up to $20 for doctor visits and $50 for hospital visits
What is Medicare Supplement Insurance
Medicare Supplement plans in Vermont decrease out-of-pocket costs from Original Medicare. Most beneficiaries are eligible for federal Medicare coverage when they turn 65, but some can receive Medicare at a younger age depending on their circumstances.
Original Medicare covers basic benefits:
Part A – Inpatient hospital stays, skilled nursing facility, nursing home, hospice and home health
Part B – Outpatient care, such as medical appointments, preventive care, screenings, lab work and medically necessary supplies
Costs associated with Medicare Parts A and B include a standard monthly premium for Medicare Part B of $148.50 for 2021 plus an annual deductible for all Medicare Part B beneficiaries, which is $203 in 2021
Medigap is a private insurance policy that bridges the gap in costs to help with:
Coinsurance – The percentage of hospital and medical bills you pay after Medicare pays their portion and you’ve met your deductibles.
Copays – Copayments are set fees you pay for some services or medical supplies.
Deductibles – The amount you must pay before Medicare or a private insurer starts to pay for services.
Overall, Medicare beneficiaries can choose from 12 different Medigap plans in Vermont in 2021. Many people also opt for a Part D plan for prescription drug coverage.
Is Plan G the Best Medigap Plan in Vermont?
How Much Does it Cost?
The average cost for Plan G for a 65-year-old, nonsmoking female is $249.90.
What is the Plan G Deductible in 2021?
Plan G doesn’t have a deductible, but you will have to pay the Part B deductible, which is $203 in 2021.
What does Medigap Plan G Cover in Vermont?
Plan G by State
Ready to learn more?
My Medigap Plans is a rapidly growing resource for Medicare beneficiaries. We specialize in educating consumers on their options and guiding them through the process of plan selection. We work closely with some of the nations top rated carriers such as Aetna, Cigna and Mutual of Omaha. Compare our list of the 10 Best Medicare Supplement Insurance Companies or take a deeper look at the plans by reviewing our Medicare Supplement Plans Comparison Chart. Learn more or about Medicare Part D Prescription Drug plans, or request a Medicare Supplement Plan Quote.
Vermont Medicare Resources
Vermont Enrollment Statistics
The top 5 largest counties in Vermont include the following:
- Chittenden County with 161,382 people
- Rutland County with 59,736 people
- Washington County with 58,612 people
- Windsor County with 55,737 people
- Franklin County with 48,799 people
According to America’s Health Insurance Plans, more than 125,000 people enrolled in Medicare Part A and/or Part B in the year 2017. In 2015, 29.8 percent of Medicare recipients also purchased Medigap plans in Vermont.
- In Vermont, Medicare Supplement Plan G is the most popular plan for 2021.
- There are 10 Medicare Supplement Plans in Vermont to choose from.
- Medicare Supplement plans do not use a network, go wherever Original Medicare is excepted.