Medicare Supplement Plans in Nevada
CMS reported that over 300,000 people were enrolled in Original Medicare in Nevada. While Medicare is a nationwide program, it’s important for local beneficiaries to understand the differences between how Medicare Supplement plans in Nevada function and how they may work in other states. Consider this short overview of Medicare Supplement plans and the differences before deciding on how to enhance your benefits with a Medicare Supplement plan.
Enrollment Statistics for Medicare Supplement Plans in Nevada
A local Medicare beneficiary might consider these statewide trends before deciding upon a Medicare Supplement plan in Nevada:
- Statewide Original Medicare enrollment: Over 300,000 people
- People with Medicare Supplement plans in Nevada: Over 80,000
- Popular Nevada choice: Plan F, with about 50,000 enrollees
In addition, these are some population numbers for the largest counties in Nevada:
- Clark County, NV: 2,155,664
- Washoe County, NV: 453,616
- Lyon County, NV: 53,179
- Elko County, NV: 52,168
- Douglas County, NV: 48,020
Rate Calculations for Medicare Supplement Plans in Nevada
There are three ways that a Nevada health insurance company can set premiums for a Medicare Supplement plan in Nevada:
In most states, attained age plans are the most popular kinds of plans. Some states restrict or limit this kind of rating system, but Nevada and most states don’t. This kind of plan always looks cheapest at 65 but may increase based on age as the member gets older. This is because Medicare Supplement rates are mostly based on the current age of the beneficiary.
Issue age or community rated Medigap policies might seem more expensive at younger ages, but they won’t penalize a member for getting older. With any Medigap plan in Nevada, expect some increases over time because of inflation.
Available Medicare Supplement Plans in Nevada
Like the vast majority of states, Medigap plans in Nevada have to conform to the 10 standard plans that Medicare has defined. Historically, Plans F, G, and N have been the most popular choices, and this is in line with national trends, but some states vary. Plan F offers the most coverage allows, and of course, usually has the highest premiums.
As is true when you purchase any kind medical insurance, you always have to compare rates and coverage to make the best choice for yourself. For instance:
- You might also compare Plan N benefits for lower rates. This option imposes more cost-sharing with deductibles, not paying the Part B Deductible, and not offering coverage for excess charges.
- At the same, a beneficiary who needs to watch their monthly budget and doesn’t mind some modest cost sharing might find that Plan N suits them the best.
How Does a Medicare Supplement Plan in Nevada Help With Prescriptions?
You probably know that you can enroll in a Medicare prescription drug plan to help you pay your pharmacy for medicine. You won’t find those kinds of benefits included with a Medigap plan anywhere in the country. When you’re enrolled in Medicare Part A and Part B, you can only expect some benefits that help pay for certain kinds of medicine you might get in a hospital, outpatient clinic, and so on.
You might enroll in your Part D Medicare prescription drug plan with the same insurance company you purchased your Medicare Supplement plan from. You get a chance to enroll during your Initial Enrollment Period with Medicare. Later, you also get the option to change Part D at the yearly Open Enrollment for Medicare Advantage and Part D plans.
When is the Best Time to Enroll in Medicare Supplement Plans in Nevada?
Federal law says that you only must be enrolled in Medicare Part A and Part B to qualify for Medicare Supplement plans in Nevada. The government also requires an insurer to sell you any Medigap plan in your area without asking health questions during your Initial Enrollment Period.
These are some things to know about your rights:
- This Medigap Open Enrollment Period begins the month you first enroll in Part A and B and have turned 65.
- You may also get a 63-day Open Enrollment Period later if you lose your current medical insurance. Insurers may limit this to certain Medicare Supplements, including the regular and high-deductible version of Plan F and Plans A, B, C, K, and L.
- According to the Nevada Department of Insurance, no Nevada insurers offer Medicare Supplement plans to Medicare beneficiaries who are younger than 65. When these people do turn 65, they get the same rights that everybody else enjoys.
In any case, the best time to get a Medicare Supplement plan in Nevada is during your Medigap Open Enrollment period. At other times, you may very well qualify for certain Medicare Supplement plans in Nevada if you’re relatively healthy and active for your age. If you have any medical concerns, you should speak with an agent. Medicare agents should know the rules for medical underwriting for various Medicare Supplement plans or suggest other options.
Using Your Medicare Supplement Plan from Nevada Outside of the State
There are several reasons that Nevada residents with Original Medicare might choose a Medicare Supplement plan. These policies can help make up for gaps in benefits because of Original Medicare coinsurance, copayments, or deductibles. Another positive thing is that they work everywhere in the United States and with just about any healthcare provider that will take Medicare.
Yes, you can use your Medicare Supplement plan if you take a trip to another state or visit your grandchildren. If you do end up moving, you will need to let your insurance company know about the change of address. Your rates could change because of your new address, but most of the time, Medicare Supplement plans are portable.
Nevada Medicare Resources
To help you understand Nevada Medicare better, you might look at these helpful state resources: