Kentucky Medicare Plans include Medicare supplements that pay after Medicare as well as Medicare Advantage plans that pay instead of Medicare. There are 10 standardized Medigap plans labeled Plan A, B, C, D, F, G, K, L, M, and N – just like in every other state. Each plan covers a different set of benefits.
About 21% of residents in Kentucky are Medicare beneficiaries. These people have the same options as the rest of the nation, including Medicare supplements and Medicare Advantage plans. There are also standalone Part D drug plans.
Over 120,000 Kentucky beneficiaries have enrolled in some form of Medigap, while over 260,000 have enrolled in Medicare Advantage. Prices for Medigap plans average around $150 – $200/month, while Medicare Advantage plans can run anywhere from $0 to $100+.
Kentucky Medicare Supplements
Kentucky Medicare Supplement Plan F is a top seller in the state. This is likely because it is the Medicare supplement plan that offers the most coverage. A Plan F supplement will pay for all of your Medicare deductibles, co-pays and coinsurance. Normally you would be responsible for these things. Because your Kentucky Medicare supplement covers all this right from the start, many people refer to Plan F as “first dollar coverage.”
However, Plan F will no longer be available to new Medicare beneficiaries once 2020 rolls around. This is because Plan F covers the Part B deductible. The plan that covers everything that Plan F does except the Part B deductible is Plan G. Plan G is usually more cost-effective than Plan F because of the lower premiums.
Medigap Open Enrollment Window
The best time to enroll in a Medigap plan in Kentucky is during your person Medigap Open Enrollment window. This is considered the best time to enroll because you can’t be turned down due to pre-existing conditions. If you miss this window, then you will have to answer medical questions when you apply.
The insurance company will underwrite your application. This means they will review your medical history and check prescriptions you have filled in recent years. They can decline based on your health history or prescriptions if they choose to do so.
Medicare Part D in Kentucky
Since Medicare supplements only fill in the gaps for Medicare Parts A and B, many people purchase a standalone Part D drug plan to go alongside their coverage.
You can enroll in a drug plan when first joining Medicare during your Initial Enrollment Period. This works alongside your Medicare supplement to provide you coverage for retail medications. You can change your drug plan once per year during the annual election period that comes around each year in the fall.
Another type of plan you can enroll in and change during the annual election period is Medicare Advantage. Medicare Advantage plans are a good alternative if Medigap plans are too expensive, or if you want extra benefits included in your Medicare plan.
Medicare Advantage Plans in Kentucky
Medicare Advantage plans are private plans that pay instead of Medicare. When you enroll, you will use the plan’s network of doctors and hospitals when you seek care. You’ll pay copays for doctor visits, lab work, hospital stays, and other services as you go. Because of the network, it’s important to check with your doctors to see if they participate in the plan’s network before you enroll.
Medicare Advantage plans in Kentucky usually include Part D drug coverage. This coverage will provide retail medications to you. You will pay copays based on the drug’s tier. Also, each plan has its own drug formulary, so you’ll want to check to make sure that your medications will be covered before you apply for a plan.
Advantage plans have only one health question. As long as you do not have End-Stage Renal Disease, you can qualify for the coverage. You can only apply for a certain plan if you live in the plan’s service area. You must also enroll in Parts A and B before you apply for a Medicare Advantage plan.
All Medicare Advantage plans in Kentucky have a maximum out of pocket limit to protect you. If your spending hits this limit in any given calendar year, the plan must then cover 100% of your Part A and B services thereafter. Each plan can have any maximum out of pocket limit as long as it doesn’t exceed $6,700.
Common Questions About Kentucky Medicare:
Here are some of the most common questions we get about Medicare Supplements in Kentucky.
Unless you are within your Medigap Open Enrollment window or qualify for a trial right window, no, Kentucky Medigap plans are not guaranteed issue. You will have to go through underwriting.
If you want to change Medigap carriers, you will have to apply to change since it will be a new plan. To apply for the same letter plan under a different carrier, you will likely have to go through underwriting to be approved. You can be turned down for preexisting conditions if you’re outside your Medigap Open Enrollment window.
Kentucky has over 50 Medicare Advantage plans.
Get Help with Kentucky Medicare Supplement Options
There are a number of affordable companies in Kentucky. We can provide quotes for these insurance companies. Let our friendly agents also help you with facts about each company. We can help you decide which one really is a good fit for your lifestyle. We can help with obtaining a Part D drug plan analysis, too, if you decide you want a Medigap plan.