Alaska has unique characteristics which influence the Medicare Supplement plans for residents of the state. After all, Alaska is the biggest state in the country which also has many large cities and small towns spread all over the place. Below you will find additional information on local Alaskan trends in relation to Medicare Supplement plans. That way, you will know the best plan to choose for another family member or yourself. Besides, you will save yourself a lot of stress later by learning about these Medigap plans.
Medicare Supplement Plans in Alaska: Statistics of Enrollment
Here are some critical enrollment statistics for Original Medicare and Medicare Supplement plans that you should consider:
- More than 90,000 Alaskans are enrolled in Original Medicare.
- More than 12,000 Alaskans have a Medicare Supplement plan.
- More than 8,600 people are members of Medigap Plan F.
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Below are population statistics for various locations in Alaska:
- There are approximately 298,192 in the Anchorage Municipality.
- There are approximately 104,365 in the Matanuska-Susitna Borough.
- There are approximately 100,605 in the Fairbanks North Star Borough.
- There are approximately 58,506 in the Kenai Peninsula Borough.
- There are approximately 32,468 in the Juneau City and Borough.
Calculating the Rates for Medicare Supplement Plans in Alaska
Alaska, like many other states, calculates the rates of most Medicare Supplement plans by focusing on the attained age of the beneficiary. In other words, when the beneficiary renews their plan annually, their insurance provider will calculate their monthly premium based on their current age. If you just become 65 years old in Alaska and you are enrolled in a Medicare Supplement plan which uses attained age to calculate your premium, then you can expect your monthly rate to be lower in the beginning. But then, as you get older, your rate will be higher.
Here are a couple of other systems for calculating Medicare rates in Alaska. They are not as common, but some people like them more:
Issue age is used to calculate roughly 6% of the rates associated with Medigap plans. Basically, issue age refers to the beneficiary’s age at the time when they initially purchased their plan.
Out of all the Medicare Supplement plans, roughly 15% of them use community ratings to calculate rates. This is where the premium price is calculated based on the average age of all the beneficiaries who live within your local area.
Medicare beneficiaries should educate themselves in the ways in which insurance companies calculate their rates. That way, they can more accurately predict how much their rates are going to increase later on. But no matter which Medicare Supplement plan in Alaska that you have, you can expect the rate to increase at some point in the near future. The reason for this is that costs are always rising. When considering an insurer, you should investigate their pricing history first.
The Choices That Are Available for Medicare Supplement Plans in Alaska
Insurance companies in Alaska are allowed to offer any of the 10 basic plans which are defined by Medicare. There are specific and important benefits found on all Medicare Supplement plans. However, you will get more coverage with the popular choices on the list. Just be prepared to pay a higher premium every month if you choose one of these popular plans.
To see why there is a lot of popularity with certain Medigap plans, you can see these options ranked below.
There are roughly 8,600 people enrolled.
There are roughly 800 people enrolled.
There are roughly 500 people enrolled.
Prescription Coverage for Medicare Supplement Plans in Alaska
A Medicare prescription drug plan is normally packaged with a Medicare Advantage plan. But when you choose a Medicare Supplement plan, do not expect there to be any prescription coverage other than at a healthcare facility like a hospital. The reason for this is that most Medigap plans are designed for Original Medicare beneficiaries. Medicare Parts A & B will only give prescription coverage to beneficiaries under limited circumstances.
If you choose a Medicare Supplement plan, you must also choose a drug plan too. While the Medicare Initial Enrollment Period is still taking place, you can enroll in Medicare Part D. You can even take the time to compare the different plans of Part D while open enrollment is still active each year.
A lot of people like to compare the different plans of Medicare Part D so that they can find the best coverage for prescription drugs. That way, it doesn’t need to get packaged with their regular medical plan. After all, you might find an insurance provider that offers great drug coverage rates, but it doesn’t mean they will offer good rates for their Medigap plans.
Medicare Supplement Plans in Alaska: Best Enrollment Time
If you live in Alaska, the federal government allows the standard Medigap Open Enrollment Period to be available to you.
Here is more information about it:
- You need to be 65 years of age or older and be actively enrolled in Medicare Parts A & B.
- After you have turned 65 years old and are on Original Medicare for the first 6 months, all insurance providers are required to accept your claim if you have preexisting conditions. Also, no matter which plans you have, they must charge you their normal rate or less.
- If you move or lose the plan that you currently have, it is possible that you will qualify for a Special Enrollment Period of 63 days.
- If you have health insurance from your employer or from your spouse’s employer, then the Initial Enrollment Period can be delayed.
If you recently enrolled in Medicare Parts A & B but you have not turned 65 yet, then insurance companies are not required to offer Medicare Supplement plans to you in Alaska. Once you are 65, Guaranteed Enrollment for Medicare Supplement plans will be available to you. In the meantime, Medicare Advantage is a good option for managing deductibles, copayments, coinsurance, and premiums.
Alaska Medicare Supplement Plans: Using Them in Another State
Medicare Supplement plans can be more beneficial than Medicare Advantage plans because of their flexibility when it comes to seeing a medical professional who accepts patients with Original Medicare coverage. If you need to see a specialist, you don’t need to get a referral from a primary care doctor either. This gives you the freedom to use your plan in any state in the country.
If you are making a permanent move to another state, notify your Medigap company and let them know what your new address is. Be prepared to see a change in your Medicare Supplement plan rates because they are impacted by your residential location. However, there is portability with many Medigap policies. If your specific policy is not portable, then obtain a Special Enrollment Period in whichever location you moved to so that you can choose a new plan.
Medicare Supplement Plans in Alaska: Membership Sources
If you live in Alaska, then you might find these Medicare resources to be very helpful to you.
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