Legislation law orders insurance companies to offer the same benefits for the same plans, regardless of the location. In 47 states, a supplement plan F will offer the same benefits throughout these states. There are three states, however, in which this standardization doesn´t apply and the Medicare supplement plans are structured differently. One of these states is Minnesota. In Minnesota, you won´t be able to find the Medicare supplement plans, as you might know them, from A to F. In this state, the Medicare supplement plans are standardized differently and this is how:
There are two types of Medicare supplement plans available in Minnesota and are divided into a so-called basic plan and an extended plan. The basic plan can also be supplemented, by adding riders to it, additional benefits for an additional cost. There are also Medicare supplement plans which are very similar to the plans K, L, M and N, as well as the Medicare supplement plan F.
Basic Medicare Supplement Plan
The Basic Plan in Minnesota covers the following expenses:
- Expenses for coinsurance and copays of Medicare part A for hospice care and in-home healthcare services
- Additional coverage of expenses for up to 100 days at a skilled nursing facility
- Expenses for preventive care
- 20% coverage of expenses for physical therapy
- Expenses for the first three pints of blood, per year
Extended Medicare Supplement Plan
The extended Medicare supplement plan in Minnesota offers all the benefits, that a basic plan would over, with some additional benefits:
- Deductibles of Medicare Part A and B
- Additional days at a skilled nursing facility
- 80% of any Medicare fees (until a 1000$ out-of-pocket limit has been reached; after it has been reached 100% of Medicare fees are covered)
Although in Minnesota, wherever you are found within the state, the same benefits will be provided for the same plan, the costs can be different. Not only does the price of the premium rate depend on the area you live in, it will also depend on the health insurance company you choose. This is why taking the time to compare the price between different kinds of companies can save you money on the long run. Why pay for the same benefits more, when you could be paying less?
Another tip is the time when you enroll. Timing is everything when it comes to Medicare supplement plans. The best time to enroll to a supplement plan is during your open enrollment period, OEP. This is the period of six months, that starts on the day that you turn 65. During this period, health insurance companies are not allowed to deny you enrollment to the Medicare supplement plan of your choice. They are also not allowed to set the price based on your health condition. It is the best time, because enrollment will be guaranteed and the premium rates will never be as low as during this period. If, however, you miss your six-month chance, the premium rates can become a lot higher after that, due to medical underwriting.