Oklahoma Medigap Plans OK Medicare Supplements

Oklahoma Medigap Plans are Standardized Medicare Supplements

All Medicare Supplement insurance carriers in Oklahoma are required to follow both federal and state laws designed to protect you. All Medigap plans must be clearly identified as Medicare Supplement Insurance. Insurance companies must offer the standardized Medicare Plans identified by letters A through N.

NOTE: Medigap, Medicare Supplements and Medicare Plans are all names used interchangeably for supplemental insurance that fill the gaps in Original Medicare coverage.

Each Medicare supplement insurance policy sold in Oklahoma offers the basic benefits of Plan A. All other lettered plans after A feature additional levels of coverage. This allows you to choose the amount of liability coverage you need.

Each insurance company decides which policies it wants to sell, although state laws might affect which ones they offer. Insurance companies that sell Medicare supplemental insurance:

• Are not required to offer every Medigap plan
• Must offer Medigap Plan A (basic benefits)
• Must also offer Plan C or Plan F

For more information, visit the Oklahoma Department of Insurance website at http://www.ok.gov/oid.

Why is Medicare Supplement Plan F Favored in Oklahoma?

Medicare Plan F costs more than all other Medigap plans, yet it is the most popular among Oklahoma seniors. In fact, more than 50% of people with supplemental coverage buy Plan F. The top reason is that it covers all gaps in Original Medicare, offering peace-of-mind and convenience.

IMPORTANT: If you need protection from high medical bills, you must buy a Medicare Supplement Plan F policy before January 1, 2020. Congress voted and supplement insurance carriers will not be able to offer these polices after December 31, 2019.

RELATED: Medicare Plan F: What Does this Medicare Supplement Offer?

Is the AARP Medicare Supplement the Best in Oklahoma?

This is one of the most common questions we're asked. AARP Medicare Supplements, which are underwritten by United Healthcare, offer the exact same coverage as standardized plans offered by other Medigap insurance carriers. The big difference is the monthly premium.

In our experience, AARP Medigap Plans are typically more expensive than average, and is often the most expensive. However, United Healthcare has a large number of hospitals under contract, allowing them to offer Medicare SELECT policies at better rates than standard Medicare Supplements. This allows them to be very competitive on rates if you agree to use a specific hospital.

The most popular AARP Medicare Supplements are Plan F, Plan G and Plan N. The comparison chart below highlights the difference in coverage.

Oklahoma Medicare Supplement Plans Comparison Chart

The following Medicare Supplement Plans Comparison Chart offers a quick look at the benefits provided by each Medigap policies.

Medigap Benefits	A	B	C	D	F*	G	K	L	M	N
Medicare Part A Coinsurance and hospital costs up to an additional 365 days after Medicare benefifits are used up	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Medicare Part B Coinsurance or Copayment	Yes	Yes	Yes	Yes	Yes	Yes	50%	75%	Yes	Yes**
Blood (First 3 Pints)	Yes	Yes	Yes	Yes	Yes	Yes	50%	75%	Yes	Yes
Part A Hospice Care Coinsurance or Copayment	Yes	Yes	Yes	Yes	Yes	Yes	50%	75%	Yes	Yes
Skilled Nursing Facility Care Coinsurance	No	No	Yes	Yes	Yes	Yes	50%	75%	Yes	Yes
Medicare Part A Deductible	No	Yes	Yes	Yes	Yes	Yes	50%	75%	50%	Yes
Medicare Part B Deductible	No	No	Yes	No	Yes	No	No	No	No	No
Medicare Part B Excess Charges	No	No	No	No	Yes	Yes	No	No	No	No
Foreign Travel Emergency (Up to Plan Limits)	No	No	Yes	Yes	Yes	Yes	No	No	Yes	Yes
Out-of-Pocket Limit***	None	None	None	None	None	None	$5,240	$2,620	None	None

^* Medicare Plan F also offers a high-deductible plan. If you choose this option, this means you must pay for Medicare-covered costs up to the deductible amount of $2,240 before your Medigap plan pays anything.

^** Medicare Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 copayment for emergency room visits that don't result in an inpatient admission.

^*** After you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year.

Medigap vs Medicare Advantage

Still wondering if a Medicare Supplement is the right way to go? Considering Medicare Advantage to cut costs? For many seniors in Oklahoma it's a difficult decision. Here are a couple things to consider.

First, understand the difference between Medigap and Medicare Advantage plans available in Oklahoma. A Medigap plan fills gaps in your Original Medicare benefits. A Medicare Advantage plan may have a similar effect, but it replaces your Original Medicare benefits with managed care, reducing your options.

Second, if you need the most choices and flexibility, Original Medicare combined with a Medicare Supplement and a Oklahoma Medicare Part D plan is the best coverage you can get.

RELATED: Medicare Advantage vs. Medigap: Which Is Best?