Medicare Supplement Plans in Nevada
About Medicare Supplement plans in Nevada
Medicare beneficiaries who wish to cover other costs not covered under Original Medicare (Part A and Part B), such as coinsurance, deductibles, and copayments, have the option to enroll in Medicare Supplement (Medigap or MedSup). Medigap, which is standardized in most states, covers these out-of-pocket costs for Medicare beneficiaries.
It is important to know the best time for enrolling in Medicare Supplement plans in Nevada. Any Medicare beneficiary in Nevada already enrolled in Medicare Part B can enroll in Medigap during the Medigap Open Enrollment Period (OEP). The OEP is the six-month period following the day the Medicare beneficiary turns 65. During the OEP, a Medicare beneficiary may enroll in a Medicare Supplement plan in Nevada without the need to submit medical underwriting, and without fear of being restricted due to pre-existing conditions or even denial.
A Medicare beneficiary may still enroll in a Medicare Supplement plan in Nevada after the OEP, but may have to undergo a medical background check, and could end up paying higher premiums, be restricted from pre-existing conditions, or even be denied coverage.
Facts on Medicare Supplement plans in Nevada
- There were 32 different companies offering Medigap plans in Nevada in 2012.
- Some of those companies instituted wait times on coverage for pre-existing conditions that ranged from two to six months.
- Annual premiums for Medigap plans in Nevada in 2012 ranged from $700 to $2,500, for 65-year-old beneficiaries.
- A high-deductible plan with a low annual premium was also available in Nevada.
- Many companies increased annual premiums when the beneficiary turned 70.
The importance of comparing Nevada Medicare Supplement plans
As mentioned above, Medicare Supplement plans in Nevada do not vary in coverage or benefits and are standardized for all insurers who offer Medigap plans. The benefits of a Medigap plan that starts with the same letter will be identical, regardless of the county in which you reside. However, the costs of Medigap plans may differ depending on the private insurer’s own premium structure. Thus, it is important to not only search for Medicare Supplement plans in your area to suit your health needs, but your budgetary requirements as well.
Data provided by the State of Nevada Department of Business and Industry, Division of Insurance.