Best Medigap Plans in Nevada

If you live in Nevada and are considering purchasing a Medigap plan, this article could be helpful for you.

What do we mean by Medicare Supplement Insurance (Also known as Medigap)?

Medigap insurance is a contract that helps close gaps in original Medicare. Medigap goes alongside your original Medicare Parts A and B. It helps cover cost-sharing, like paying deductibles copays, and coinsurance. Medigap is standardized, making it almost effortless to compare the prices between insurance companies offering the same program. 

All Medigap Plans also cover additional 365 days of inpatient stay benefits beyond what Medicare provides. Exceeding your hospital stays is also rare. 

How to Apply for Medicare in Nevada

Individuals who wish to enroll in Medicare in Nevada can apply to the Social Security Administration in person, by phone, or online. The initial Medicare enrollment period begins three months before you turn 65, includes the month you turn 65 and lasts three months after that. 

You can still enroll during the General Enrollment Period (GEP) if you miss your initial enrollment period. The GEP is from January 1st to March 31st, and your coverage begins on July 1st.

Medicare Supplement Open Enrollment Period

This registration period allows you to enroll in any Medigap plan without answering any health questions. While you can enroll in a Medigap plan at any time of the year, the open enrollment period prohibits Medicare supplemental insurance companies from denying coverage based on pre-existing health conditions. For most of us, the enrollment period only occurs once in a lifetime. It is best to enroll during this time because the Medicare Supplement Open Enrollment period offers the opportunity for the lowest possible monthly premium cost. The Open Enrollment period lasts six months from your Part B effective date.

Eligibility to enroll in a Medicare plan in Nevada

The following are the eligibility rules for people living in Nevada who want to enroll in Medicare:

1. A U.S. citizen or lawful permanent resident who has lived in the U.S. for more than five years

Source: Medicare Interactive

2. 65 years old or older 

3. Or you have been on Social Security Disability Insurance (SSDI) for two years.

4. Or you have an end-stage renal disease (ESRD) or Lou Gehrig’s disease.

The Difference Between the Annual Enrollment Periods and Medigap Open Enrollment Period

The filing period for Medicare Advantage and Medicare Part D plans occurs annually, and the dates are the same each year. In contrast, the open registration period for Medigap occurs once in your lifetime and only affects Medicare supplement selection. 

But for some, Medigap open enrollment may happen more than once in a lifetime. There are two ways this open enrollment can happen twice in a lifetime. 

The first is when you retire and return to work, then you retire and enroll in Part B. The Medicare Supplement Open Enrollment Period six-month window will begin again. 

Another way is when you are under 65 and collecting Social Security Disability Income before age 65. After collecting SSDI for two years, you will be eligible for Medicare. Then when you turn 65, you’ll have another open enrollment period.

What are the types of Medicare Supplement Plans in Nevada?

Plan N, Plan G, and Plan F are national standardized plans. These plans have the same benefits in every state and insurance company. 

These are the most commonly purchased policies from companies selling these Medicare supplement plans. That’s why it is essential to talk with a licensed agent to provide advice and find the lowest premium with the benefits you need. The insurance agent should also educate you on benefits you don’t need now but might need in the future.

Let us talk about these Lettered Plan options (Plan N, G, and F)

• Plan N: Medigap Plan N costs less than Plans F and G and offers higher benefits than Plans A, B, K, L, and M. With Plan N, you don’t get a copay when you go to the hospital. In addition, you will not receive any additional payment if you need blood. There are also no additional payments or coinsurance for Hospice care. And there is no copay or coinsurance for qualified Nursing. The benefits of Plan N:

                                a. You’ll pay Part B deductible

                                b. Pay a $20 copay to see a medical provider, such as a doctor.

                                c. You’ll pay $50 if you need emergency care and aren’t immediately admitted to the hospital.

                                d. You’ll pay any excess doctor charges for doctors 

                                    that don’t accept the assignment.

• Plan G: This is the best Medigap insurance that newly eligible enrollees can buy. Plan G covers everything that Plan F covers except for the Part B deductible. The benefits of Plan G:

1. Medicare Part A coinsurance and hospital costs, and up to 365 additional days after Medicare benefits run out. 

                                 b. Medicare Part B coinsurance or co-payment

                                 c. First three pints of blood

                                 d. Part A hospice care coinsurance or co-payment

                                 e. Medicare Part A deductible

                                 f. Medicare Part B excess charges

                                 g. Foreign Travel emergency coverage (80%, up to plan limits)

Talk with one of our licensed and certified medicare agents to get a quote.

• Plan F- Medigap Plan F and Plan G benefits are almost identical, except for the Medicare Part B deductible. Medigap Plan F covers the Medicare Part B deductible, but Plan G doesn’t. Many agents and brokers are promoting Plan G because of the discontinuation of Plan F last 2020. If you are still in Plan F, you can continue using this plan. 

Because Medigap plans are standardized, beneficiaries receive the same benefits regardless of their carrier. Medigap plan covers any doctor or hospital that accepts original Medicare.

A beneficiary who plans to move to a different state can keep their current Medicare Supplement plans. If you move, contact your carrier to update your address. The benefits remain the same; however, depending on the state, the premium can either increase or decrease. Medicare Supplement Plan F covers the most out-of-pocket costs among all Medicare Supplement plans. Still, no Medigap plan covers Dental, Vision, Hearing, Cosmetic, or Prescription drugs.

Nevada Medigap Plans Premiums

Nevada premiums may vary based on a few factors. The Insurance provider can base premiums on health, location (zip code), age, gender, and type of coverage.

Individuals under 65 and their Medigap Eligibility

Federal Government law does not require that Medigap plans be available to people under 65. Still, some states require insurance companies to offer Medigap plans to everyone on Medicare. 

(Reference: Medicare Supplement Insurance Premium Comparison Guide  – Page 45 – https://doi.nv.gov/)

Birthday Rules for Nevada Medicare Supplement Policies

Individuals enrolled in a Medicare Supplement policy in Nevada can change their plan or insurers during an Open Enrollment Period of up to 60 days following their birthday. 

You can decide to switch their plan or switch carriers without needing to answer health questions and go through the underwriting process. If you don’t want to wait until your birthday, you can change plans anytime, but you must answer health questions.

If you have pre-existing conditions, the Insurance Company can decline your application. 

If you use the Nevada birthday rule, coverage doesn’t take effect before your birthday. The Nevada birthday rule is a perfect time to change from one Medigap Plan to another. The Nevada Medigap birthday rule took effect last January 1st, 2022.

Downside of Medigap

• Paying more for it: Medigap premiums are usually higher than those in the Medicare Advantage Plan. 

• It does not include outpatient drug coverage: You must purchase a stand-alone drug plan alongside your Medigap plan.

• Annual rate increase: Medigap plans can raise your premium every year. And they generally do! (But with the birthday rule, your agent can shop for you every year).

Dropping or losing Medigap

Medigap Insurance companies cannot drop clients because Medigap policies are guaranteed renewable policy unless one of these happens:

1. You stop paying premiums
2. You were not honest on the application.
3. The insurance company goes bankrupt.

What are the rights of a Medigap client?

Everyone enrolled in Medigap should know they have rights and protections under federal law concerning Medigap coverage. 

It includes the customer’s right to purchase Medigap coverage, protection if they lose or interrupt their health care, and protections for those with Medicare under the age of 65. 

In addition, it is illegal to pressure clients to buy a Medigap policy, lie to them, or trick them into switching to another company. 

It is very crucial to choose what type of Medigap Plan to get. Contact your nearest Medicare representative for advice on which Medicare supplement plan best fits your needs. Use the search feature on our site to find a licensed, certified Medicare agent near you:  https://www.certifiedmedicareagents.com/home.

Originally Published on https://www.certifiedmedicareagents.com/blog/

Katherine Kline Podcaster, Blogger

I host the Rock Your Retirement Show, which is about Lifestyle, not money or insurance! I started the show in 2016 before anyone knew what a podcast was, and now it's had over one million downloads. At this point, there is a lot of information in our back catalog and we try to release an episode every month.

I'm a retired Financial Advisor (after 25 years) and now I try to have fun with my husband, my dog, and my friends.

I'm also the founder of CertifiedMedicareAgents.com, a site that brings insurance agents together with people who are looking for help with Medicare.