Medicare Supplement Plans in Minneapolis Minnesota

Name: Insurarates - Medicare Insurance Agency
Address: 111 Main St W, New Prague, MN, 56071
Telephone: 800-974-0552

Medicare Supplement plans in Minneapolis, Minnesota, can be confusing. In this article, we will explain what a Medicare Supplement plan is, why you need one, and how to select the best Medicare Supplement plan for you from the Medicare Supplement plans available in Minneapolis, Minnesota.

Original Medicare consists of Medicare Part A and Medicare Part B. Medicare Part A covers inpatient health care costs such as hospitalizations. Also, it covers care provided by a skilled nursing facility. Medicare Part B covers outpatient health care costs such as doctor visits and laboratory testing. One of the Medicare benefits is home health assistance if you need it and qualify.

It’s an excellent package that supports good health among seniors. However, Classic Medicare has out-of-pocket costs such as copays, coinsurance, and deductibles, and it also has limitations on coverage, such as only covering a certain number of days of hospitalization or skilled nursing facility care.

Because of the limitations and out-of-pocket costs of Classic Medicare, Medicare Supplement insurance policies were created. These health plans cover the out-of-pocket expenses of Classic Medicare and fill in the gaps of coverage; they are sometimes referred to as Medigap plans.

Original Medicare does not cover prescription drug costs. To amend this error, Congress passed Medicare Part D, which does cover prescription drug costs. Classic Medicare also does not cover the following:

Dental care
Corrective vision care
Hearing exams or hearing aids
Life insurance

An alternative to Classic Medicare plus a Medigap plan is one of the Advantage plans. Medicare Advantage is a package health insurance policy (usually an HMO) sold by a private company that combines all of the benefits of Classic Medicare and Medigap into one plan. Many Advantage plans also include a prescription drug plan (Part D), dental coverage, vision coverage, hearing exams/hearing aid coverage, and wellness programs in their overarching benefits.

Which Medicare Supplement Plans are Available in Minneapolis Minnesota

Private insurance companies sell Medicare Supplement insurance policies, but the state reviews each plan to ensure it covers what it is required to cover. All Medigap plans sold across the state of Minnesota that have the same name provide the same Medigap coverage regardless of which insurance company is offering it.

The plans available in Minneapolis, Minnesota are:

Basic
Basic with riders
Medicare Select
Extended basic
Supplement plan with 50% coverage
Supplement plan with 75% coverage
Supplement plan with 50% Part A deductible coverage
Supplement plan with $20 and $50 Part B copayment coverage
Supplement plan with high deductible coverage

For individuals newly eligible for Medicare in 2020, the Extended Basic, Basic plan, and Basic Medigap plan with riders will not cover the Medicare Part B deductible ($198 per year in 2020). For individuals who previously enrolled in the Basic Medigap policy or the Basic plan with riders, their plans will continue to cover the deductible.

Overview of Medicare Supplement Plans in Minnesota

There are around 806,000 people over the age of 65 living in Minnesota right now, making up about 15% of the population. Among these,

406,000 (around 50%) are enrolled in Classic Medicare
123,000 (around 30% of seniors enrolled in Classic Medicare) are also enrolled in a Medigap plan

The five largest counties by population in Minnesota are:

Hennepin
Ramsey
Dakota
Anoka
Washington

Minneapolis is the largest city in the state, larger than the state capital, St. Paul. Minneapolis is located in Hennepin County on the banks of the Mississippi and is directly adjacent to St. Paul, which is located in Ramsey County.

How Many Medicare Supplement Plans in Minneapolis Minnesota Are There

Most states offer the same standardized ten Medicare Supplement insurance policies. However, the state of Minnesota has created its own and provides nine plans that differ in some ways from the federally standardized plans. They are all based on two plans, Extended Basic and Basic.

The Extended Basic plan has the best coverage and covers everything, including copays, coinsurance, and the gaps and limitations in Classic Medicare coverage. Extended Basic plans obtained before 2020 also covered the deductible for Part B; this plan is similar to Plan F/Plan G (Plan F was changed to Plan G in 2020) available in most other states. Extended Basic covers preventive care not included in Medicare preventive care. The Extended health insurance plan also caps yearly out-of-pocket healthcare costs at $1000.

The Basic Medicare Supplement plan covers:

Part A coinsurance
Skilled nursing facility coinsurance for days 21 to 100
Part B coinsurance
Part A deductible if a rider is purchased
Part B excess charges if a rider is purchased

The other available Medicare plans offer lesser coverage to varying degrees but also have lower monthly premiums.

When Can You Enroll in a Medicare Supplement Plan

In order to enroll in a Medicare Supplement plan, you must first enroll in Classic Medicare, Parts A and B. Individuals become eligible to enroll in Classic Medicare during the month in which they turn 65 years old.

After enrolling in Classic Medicare, the enrollment period for enrolling in either a Medigap plan or one of the Medicare Advantage plans extends for six months starting from the first day of the month in which you became 65 years old. It is important to enroll during this specific time frame because if you enroll during this period:

The insurance company cannot require you to undergo a health checkup
The insurance company cannot ask you for a copy of your health records or any questions about your health status
The insurance company cannot charge you a higher premium because you have a health condition
The insurance company cannot decline to sell you the policy of your choice

If you enroll during your open enrollment period, the only reason the health insurance company can cancel your policy is if you fail to pay your monthly premium. It is also important to note that neither Original Medicare nor Medigap provides drug coverage.

If you enroll after your defined enrollment period, none of the above applies. The health insurance company can demand a physical exam, health records, and information about your health status. It can charge you a higher premium if you have a health condition. And it can refuse to sell you the plan of your choice.

Remember to enroll during the first six months after you turn 65. If you don’t like your initial choice, you can cancel within 30 days and receive a full refund. Alternatively, you can change to a different plan. Make sure you enroll in the other Medigap plan before canceling your current one. It is also essential to be aware that if you switch Medigap policies, the new policy may refuse to cover pre-existing conditions or provide new benefits for up to six months after you change. Also, if you purchased a Medicare Supplement plan before 2020 that covers your Part B deductible, your new policy will not provide this benefit.

The general enrollment period for Medicare health plans starts October 15 and extends to December 7. During this period, you can:

Switch from Classic Medicare to one of the Medicare Advantage plans
Switch from one of the Advantage plans to Classic Medicare
Switch from one Medicare Advantage plan to another Medicare Advantage plan
Switch from one Medicare Part D plan (prescription drug plan) to another Medicare Part D plan
Newly enrolled in a Medicare Part D plan, although a late enrollment fee may apply

Minnesota Medicare Resources

A search engine to identify and compare the best Medigap insurance policies in Minneapolis, Minnesota, is available here.

Full details about the Medicare Supplement insurance plans in Minneapolis, Minnesota are available here.

If you are struggling to afford your Medicare plan, help can be found here.

If you have questions or concerns, you can us at 800-974-0552.

Jamie Prip

Licensed Insurance Agent

Jamie Prip is a licensed insurance agent specializing in Medicare, life insurance, and dental coverage. With years of experience in the industry, Jamie’s expertise lies in offering tailored insurance solutions that cater to the long-term needs of his clients. His commitment to providing comprehensive coverage and his dedication to understanding the unique circumstances of each policyholder sets him apart. Compassionate and knowledgeable, Jamie ensures that his clients are well-informed and confident about their insurance choices.