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What is an Oklahoma Medicare Supplement Insurance?
Route 66, a well-known Oklahoma landmark, zigzags its way across the Midwest as the route connects small towns all along its way to the Pacific Coast. Similarly, Medicare Supplement Insurance plans can build a connection between the “gaps” of medical expenses not covered by Medicare Parts A and B. This includes things such as copayments, coinsurance and deductibles. Purchasing a Medicare Supplement Insurance plan in Oklahoma can help with some of the out-of-pocket costs and is available from private insurance companies throughout the state.
Residents of Oklahoma have 8 Medigap or Medicare Supplement plans from which to choose. These include basic benefits from Plans A, B, D, G, K, L, M and N. Medigap Plans C, E, F, H, I and J are no longer available to those who are newly eligible to Medicare but enrollees are grandfathered into their plan.
As of 2020, Medicare Supplement plans will no longer sell Medigap Plans C or F to newly eligible Medicare members. Congress has decided that new Medigap plans will no longer be allowed to cover the Part B deductible after January 1, 2020. This will only affect Medicare Supplement Plans C and F as these are the only Medigap plans that cover the Part B deductible. Anyone enrolled in a Medigap Plan C or F as of December 31, 2019, will be grandfathered and will be able to continue to use their plan as long as they want.
Oklahoma residents looking for a Medicare Supplement Insurance plan need to first look at their specific coverage needs to determine what Medigap plans to consider.
Which Medicare Supplement Insurance Plans in Oklahoma Are the Most Popular?
The 8 government-approved Medicare Supplement Insurance plans are available to consumers in most states, including Oklahoma. The information below illustrates the Medigap plans that are the most popular among Oklahoma residents. All Insurance companies who sell Medigap plans offer the same basic benefits, no matter which insurance company from which you purchase, but these may come at different prices depending upon where you live and the insurance carrier. Each insurer in Oklahoma may not offer each of the available Medigap plans.
As reported by AHIP, among those who selected a Medigap policy in Oklahoma, two-thirds (68%) choose Plan F, 15.5% choose Plan G and 6.5% choose Plan N. Below is the breakdown of the number of Oklahoma enrollees by Medigap plan type.
Source: AHIP. Reflects data through December 31, 2017.
Source: AHIP. Reflects data through December 31, 2017.
While a Medigap policy will help pay for things like copayments, coinsurance and deductibles not covered by Medicare Parts A and B, it is important to note that your Oklahoma Medicare Supplement Insurance plan does not include prescription drug coverage. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs. Another option is an Oklahoma Medicare Advantage plan, which typically includes prescription drugs and may also include things such as gym memberships as well as other benefits such as dental, hearing and vision coverage.
Learn more about your Medicare Supplement Insurance plan options in Oklahoma by working with a SelectQuote licensed sales agent. A SelectQuote licensed sales agents can guide you through the Medicare maze to better understand the Medigap plan options available to you and answer any questions you might have throughout the process. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare plans in Oklahoma.
Oklahoma residents cannot have a Medicare Supplement (Medigap) Insurance plan and a Medicare Advantage plan at the same time. A Medigap plan cannot be used to pay for any expenses from a Medicare Advantage plan.
Oklahoma Medicare Supplement Plan Enrollment Period
To be eligible for Medicare Supplement Insurance you must be enrolled in Original Medicare, Part A and Part B as Medigap is meant to be used alongside Original Medicare. Initial enrollment timeframes are very important. Enrollment for Medicare Supplement Insurance plans in Oklahoma begins the first day of the month you turn 65 years old.
Oklahoma residents have a six-month window around their birth month to purchase a Medigap plan. Oklahoma residents under the age of 65 can check with the Social Security Administration office for additional enrollment periods.
The best time to enroll in a Medicare Supplement Insurance plan is during the initial 6 months you are eligible for Medicare. During this important six-month period, companies that offer Medicare Supplement Insurance plans cannot use underwriting. In other words, during this window your acceptance is guaranteed. However, if you apply for Medicare Supplement Insurance outside of this 6-month timeframe, you will be subject to a physical exam. If you apply for Medigap coverage after the first six months of eligibility, a company can refuse to sell you a plan or premiums may also adjust depending on current health status and pre-existing health conditions.
Is an Oklahoma Medicare Supplement Insurance Plan Right for You?
It’s a good idea to stay up to date with changes insurance companies make to Medicare plans each year and SelectQuote is here to help. A SelectQuote licensed sales agent will help you understand your Medicare Insurance options and ensure you’re getting all the available Medicare benefits you deserve. As a trusted independent third-party company, SelectQuote is prepared to help you find the right Medicare Supplement Insurance plan for your needs and budget.
To ensure you are getting all the benefits you are entitled to receive, call or complete your online form today. Let SelectQuote’s personal licensed sales agents simplify the Medicare maze by comparing rates and independently shopping insurance companies to help you find an affordable option that meets your unique needs.