Medicare Supplement plans in Alaska
This article was updated on: 10/12/2018
About 34% of seniors enrolled in Original Medicare had purchased a Medicare Supplement Insurance Plan at the end of 2016, the most recent period data is available from American’s Health Insurance Plans (AHIP). If you’re interested in additional coverage with Medicare Supplement Plans in Alaska, here’s what you should know.
What are Medicare Supplement Plans in Alaska?
Medicare Supplement Insurance Plans help pay your out-of-pocket costs under Original Medicare such as copayments, coinsurance, and deductibles. These plans are offered by private insurance companies approved by Medicare, and you pay a separate monthly premium for the coverage. Keep in mind, however, that Medigap plans don’t cover out-of-pocket costs associated with prescription drugs.
The good news is that Medigap benefits are standardized at the federal level, so Medicare Supplement Plans in Alaska have the same basic benefits as similar plans in other states, except for Massachusetts, Minnesota, and Wisconsin, which standardize their benefits differently.
How do I compare Medicare Supplement Plans in Alaska?
You can compare Medicare Supplement plans in Alaska with this comparison chart.
Before you compare specific Medicare Supplement Insurance Plans in Alaska, you should think carefully about what benefits you want—not just for your current health care needs, but also what you might need in the future. Once you choose a plan, you may not be able to switch later, or you may pay a significantly higher premium if you do.
Once you know which plan is best for you, check to see which companies sell Medicare Supplement Insurance Plans in Alaska to see which, if any, offer the plan you want. Check monthly premiums for the plans you are interested in.
When can I enroll in Medicare Supplement Plans in Alaska?
If you’re planning to buy one of the Medicare Supplement Insurance Plans in Alaska, you should do it during your Medigap Open Enrollment period. This period starts when you turn 65 and are enrolled in Part B, and extends for six months. During this period you have guaranteed issue rights. You can buy any Medigap plan in your state regardless of your health status and pre-existing conditions. However, if you are under 65, the federal government does not require private insurance companies to sell you a Medicare Supplement plan in Alaska.
If you miss your Open Enrollment Period, the insurance company might require medical underwriting before selling you a plan. Medical underwriting looks at your current and past health history and considers the risks involved in covering you. The company can decide not to sell you the plan you want, or they may charge you much higher premiums if they do.
You may be able to buy Medicare Supplement Insurance Plans in Alaska with guaranteed issue rights during certain specific situations. For example, if you had employer insurance as well as Medicare, and that coverage ends, you can generally buy a Medigap plan without medical underwriting.
What else should I know about Medicare Supplement Plans in Alaska?
Congress passed laws in 2015 eliminating certain Medicare Supplement Insurance Plans in Alaska. Beginning in 2020, insurers are no longer allowed to sell Medigap plans that cover the Part B deductible. This means that if you are born after December 31, 1954, you will not be able to buy Plan C or Plan F. If you were born before that time and bought one of those plans, you’ll be able to keep it, but new Medicare enrollees won’t have that option.
If you buy a Medigap plan and decide you don’t like it, you may be able to switch to one of the other Medicare Supplement Insurance Plans in Alaska. If your application is accepted, you are entitled to a 30-day free-look period. During this time, you may keep your original plan as well as the new plan, and if you decide the new plan isn’t what you want, you can cancel and keep your original plan with no penalty. The free-look period isn’t really free, however, because you must pay your monthly premium for both plans for that month. If you don’t, your original insurer isn’t obligated to sell you the plan or keep your premium the same.
Need more information about Medicare Supplement Plans in Alaska?
You can also find out about Medicare plan options in your area by clicking the Compare Plans button.
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