Best Ohio Medicare Supplements
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Sources of Medicare Supplements
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Supplemental policies are available to Ohio Medicare beneficiaries with original Medicare, but not to those enrolled in Medicare Advantage. Supplemental policies cover items and services not covered by original Medicare, and reduce out-of-pocket expenses. A six-month open enrollment period begins with Part B enrollment.
Ohio Medicare supplements are available through a number of sources, including former employers. unions, and private insurers. State assistance may be available to low income individuals.
Ohio residents eligible for Medicare supplements through a former employer or union will likely find this is the best option since the plans are usually free, and the benefits are at least as good as a private Medigap policy.
Private Insurers
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Ohio Medicare supplements usually lose money for insurers and are not widely advertised. Finding the best policy can be challenging.
The federal Medicare program regulates Medigap and has created 12 types of plans labeled A through L that private insurers can offer. Premiums will vary, but the plans are standardized. This means that an Ohio resident looking for a Medicare supplement will find that Medigap F offered by Insurer X is the same as Medigap F offered by Insurer Y in Ohio or anywhere else in the country.
Plan A offers the minimum basic benefits: hospital and Part B co-insurance and the first three pints of blood. The remaining plans offer the Plan A benefits plus differing types and levels of additional coverage. The Ohio Medicare Supplement Guide contains a chart showing the benefits offered by each plan, with Plan F being the most popular.
After selecting a plan, compare rates among insurers. Premiums for Plan F, for example, with one company can be four times as expensive as the same plan offered by another Ohio insurer.
In 2009, 48 insurers were authorized to issue Ohio Medigap policies. Ohio's Medicare Supplement Guide is updated annually with a list of plans, contact information, details on pre-existing condition exclusions and monthly premiums.
Ohio law prohibits the Department of Insurance from rating policies. Rating services such as A.M. Best Company, Fitch Investors' Service, Standard & Poor, Moody's Investor Service and Consumer Reports Magazine provide rating information. Ohio Medicare supplement customers can also call 1-800-MEDICARE (1-800-633-4227).
Low-Income Programs
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Ohio provides assistance for low-income individuals similar to a Medicare supplement, but with more robust benefits. Ohio residents with incomes greater than the Medicaid eligibility amount may be able to "spend down" for eligibility, meaning that certain health care expenses are deducted from income calculations in determining eligibility. Ohio also offers assistance to "qualified Medicare beneficiaries" with slightly higher incomes. For Ohio residents not qualifying for these programs, the Specified Low Income Medicare Beneficiary program offers assistance in paying Medicare premiums.
The Ohio Governor's Office created the Ohio Benefit Bank to assist residents in locating sources of benefit assistance. The OBB can be reached at (800) 648-1176 or online at www.obb.ohio.gov.
Conclusion
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The best Ohio Medicare Supplement depends on personal needs. Answering the following questions will guide the decision toward the best policy at the best price:
•How much of a monthly premium can you afford?
•How does the plan's premium compare to other plans for the same benefits?
•What benefits do you really need?
•Is there a waiting period to cover pre-existing conditions? If so, how long is it?
Keep in mind that it may not be possible to switch plans to accommodate changed health-care needs; shop for the best rates and choose with an eye toward the long-term.
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