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Medicare Supplement Plans in Ohio
A closer look into Medicare Supplement plans in Ohio
As some Medicare beneficiaries in Ohio already know, Original Medicare (Part A and Part B) does not cover all out-of-pocket costs, such as copayments, coinsurance, or deductibles. However, Medicare beneficiaries do have the option of enrolling in a Medicare Supplement plan in Ohio, also known as Medigap, that helps pay for some of the costs not covered under Original Medicare. In most states, including Ohio, there are ten standardized Medigap plans all labeled by the letters A through N.
The best time to enroll in a Medicare Supplement plan in Ohio is during the six-month Medigap Open Enrollment Period (OEP), which is unique for each beneficiary. This enrollment period begins on the first day of the month that a Medicare beneficiary is 65 or older and is enrolled in Medicare Part B. During this six-month OEP, a beneficiary can sign up for a Medigap plan without having their medical background or pre-existing conditions limit their coverage options. Beneficiaries have the guaranteed issue right to enroll in any plan of their choosing and insurance companies cannot deny them coverage or charge those with certain conditions more during their OEP.
A Medicare beneficiary in Ohio may still enroll in a Medigap plan after the OEP, but may be required to submit a detailed medical background for medical underwriting purposes. They could then be charged a higher monthly premium, have pre-existing condition restrictions, or even be denied coverage.
Statistics and facts about Medicare Supplement plans in Ohio
Below you will find a few facts about Medicare Supplement plans in Ohio:
- In 2012, there were 1,971,260 Medicare beneficiaries living in the state of Ohio.
- Of that number, 58% were female beneficiaries and the remaining 42% were male.
- There were nearly 40 companies offering some types of Medigap plans in Ohio in 2013.
- Monthly premiums for Medigap plans in Ohio varied greatly in 2013, from $45 to $253.
- Some companies did require a wait before pre-existing conditions were covered, which ranged from two to six months.
Comparing Medicare Supplement plans in Ohio
As previously mentioned, there are ten standardized Medigap policies. Same-lettered plans offer the same benefits regardless of location or insurance company. For example, a Plan C policy offered in New York by one company provides the same set of benefits as a Plan C policy offered in Montana by another company. However, each independent insurer offering Medicare Supplement policies can choose how much they wish to charge for these plans. Thus, it is important for Medicare beneficiaries to compare all Medicare Supplement plans in Ohio available to them in their area and make a selection based on their health needs and their budget.
If you wish to start comparing Medicare Supplement plans in Ohio today, we can help. Simply enter your zip code at the top of this page and we will provide a customized list of plans available to you in your area.
Data provided by the Henry J. Kaiser Family Foundation and the Ohio Department of Insurance.