Coverage is applied to expenses like coinsurance, deductibles, and co-payments. If you’re billed for a hospital stay, everything that isn’t covered under your Medicare plan may be covered using Illinois Medicare Supplement plans.
Illinois Medigap Plans
Below are some facts you should know:
- In order to enroll, you must have Medicare A and B and be at least 65 years old
- You and your spouse are required to carry your own separate Medigap policy
- If you currently have a Medicare savings account, you won’t benefit from having a Medigap plan
- You can’t have a Medicare Advantage plan and Medigap plan at the same time
- Both your Medigap and Medicare premiums are handled individually through your separate insurance carriers
- Your Medigap insurance policy is considered guarantee renewable. As long as you continue to pay your premiums, you’ll have coverage. Your plan cannot be cancelled as long as the premiums are paid
- They’re not designed to cover things like long-term care, private duty nursing, prescription medications, hearing aids, dental care, and eye care
- 9 plan options
- Medicare beneficiaries in Illinois under the age of 65 also have the option to enroll in any of the 10 plans available. However, the rates will not be the same as those over 65 years old
- In 2014, State Medicare spending reached a total of 22.5 million dollars in the state of Illinois. That’s an average spending of a little over $11,000 per enrollee, meaning the % growth in spending per enrollee between 1991-2014 was just over 5%… and continues to increase more each year. Also, as of 2015, 43% of Medicare recipients were Male and 57% were female.
Illinois Medigap Open Enrollment Period
Plans should be purchased during your Open Enrollment Period, which lasts for 6 months and begins the 1st day of the month after you enroll in Original Medicare and are 65 or older.
Enrolling during this time gives you Illinois Medigap guaranteed issue and prevents you from having to pay a higher premium due to any pre-existing medical conditions you might have.
It also prevents you from being rejected for coverage. The state of Illinois Medigap policies are renewable as long as the premiums are paid.
Your plan cannot be cancelled because of any condition you might have or a pending claim made. It also cannot be cancelled under any circumstances except for nonpayment for those enrolling during the Open Enrollment period.
Risks of Not Applying During Open Enrollment
Your plan will undergo underwriting. This means that your current health status, including any conditions, will be considered.
This will put you at risk of being rejected by an insurance provider. Outside of Open Enrollment, insurance companies are not obligated to accept an applicant applying for a plan. If you enroll late, you may have fewer options and may have to pay more for your coverage.
Main Advantages of Having a Medigap Plan
The benefits for all Medigap plans are standardized between carriers, so you don’t have to go out of your way to learn about the different options available from different insurance carriers. Some of the carriers may offer additional perks like discounts on gym memberships just for enrollment.
The reason it’s important to shop carriers is because they have different premium costs, it’s ideal to speak to a licensed agent to compare all Illinois Medigap rates.