How much does a Medicare Supplement Insurance Plan Cost In Memphis Tennessee?
How much does a Medicare supplement plan cost in Memphis, Tennessee? Well, that depends upon a variety of factors. Generally, Medicare supplement insurance plan monthly
premiums run slightly lower in Tennessee than they do in most other states. But there are other factors that have a far greater impact on price.
We will list the factors that impact the premium rates of a Medicare supplement insurance plan. They are ordered from the most significant impact, to the least:
- Plan Type
- Age
- Company
- Tobacco Use
- Health Status
Plan Type
The most significant factor is the plan type that you choose. For example, the monthly premium of a plan type
"F" is going to be significantly higher than the monthly premium of a
"high deductible plan type F".
This is because each Medicare supplement plan type offers a different benefit structure. All supplement plans are designed to cover medical costs that are not covered by traditional Medicare.
However, some plans pick up more medical costs than others. These benefit differences are reflected in monthly premium.
In Tennessee, there are 10 general Medicare Supplement plan types to choose from. These plans are designated by letters of the alphabet (A-N). Each option provides coverage for a distinct level of medical fees that are not covered by Medicare.
Medicare Supplement Plan Comparison
Benefits |
Medicare Supplement Plans |
|
A |
B |
C |
D |
F* |
G |
K |
L |
M |
N |
|
|
|
|
|
|
|
|
|
|
|
Medicare Part A Deductible |
No |
100% |
100% |
100% |
100% |
100% |
50% |
75% |
50% |
100% |
Medicare Part B Deductible |
No |
No |
100% |
No |
100% |
No |
No |
No |
No |
No |
Medicare Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are exhausted |
100% |
100% |
100% |
100% |
100% |
100% |
100% |
100% |
100% |
100% |
Medicare Part B coinsurance or copayment |
100% |
100% |
100% |
100% |
100% |
100% |
50% |
75% |
100% |
100%** |
First three pints of blood |
100% |
100% |
100% |
100% |
100% |
100% |
50% |
75% |
100% |
100% |
Medicare Part A hospice coinsurance or copayment |
100% |
100% |
100% |
100% |
100% |
100% |
50% |
75% |
100% |
100% |
Skilled Nursing Facility (SNF) coinsurance |
No |
No |
100% |
100% |
100% |
100% |
50% |
75% |
100% |
100% |
Medicare Part B Excess Charges |
No |
No |
No |
No |
100% |
100% |
No |
No |
No |
No |
Foreign Travel Emergency (Up to Plan Limits) |
No |
No |
80% |
80% |
80% |
80% |
No |
No |
80% |
80% |
Out-of-Pocket Limit*** |
None |
None |
None |
None |
None |
None |
$5,240 |
$2,620 |
None |
None |
*Plan F is also has a high-deductible option. The F high deductible plan pays for all Medicare-covered expenses after you meet a $2240 annual deductible.
**Office copay exceptions: Some office visits may require a copayment of up to $20. Emergency room visits may require a copayment of up to $50.
***Plan pays 100% of covered Medicare costs for the remainder of the calendar year once the out-of-Pocket limit is reached.
Age
With very few exceptions, the older you are, the higher your monthly premium.
Good to know: Read bills carefully. Up to 50 percent of your doctor or hospital bills may contain mistakes that end up costing you money, says Jane Cooper, president of Patient Care, a consumer advocacy group in Milwaukee. Something as simple as an incorrect billing code could prompt your insurance to pay less than expected or even reject your claim. Other common errors: mistakes in an account number, claims with incomplete information - even claims sent to the wrong insurance company address by a doctor. Read your benefits booklet carefully to make sure your plan is paying all it should. If you catch an error, send a certified letter to your insurer. Follow up in a few weeks to make sure the mistake is corrected.
courtesy of
Parents.com
|
Baptist Memorial Hospital Memphis
6019 Walnut Grove Rd
Memphis, TN 38120
Telephone: (901) 226-5000
Plus Code: 44HR+G6 Memphis, Tennessee
Website: click here
|
|
Company
In Memphis, Tennessee Medicare supplement monthly premiums vary wildly depending upon which insurance company you buy the plan from.
The fact that plan benefits may be exactly the same, does not mean the monthly premium will be. While traditional Medicare is a government program, Medicare supplement plans are offered by private insurance companies. They get to set the pricing of the plans they offer.
Tobacco Use
Most insurance companies in Tennessee will charge a slightly higher monthly premium for Medicare supplement coverage if you smoke or chew tobacco.
Health Status
In some cases, if you are not enrolling within the open enrollment - guarantee issue time frame for Medicare supplement coverage, some companies in Tennessee will charge you a higher rate if you have specific medical issues. Please contact us if you have questions concerning this.
On Average For 2024
On average, in Memphis, Tennessee, for a standard plan A, the average monthly premium for a 65 year old non-tobacco,
female applicant would be:
$107 - $161.
On average, in Memphis, Tennessee, for a standard plan A, the average monthly premium for a 65 year old non-tobacco,
male applicant would be:
$117 - $180.
Good to know: Want to really know the particulars concerning a health care plan? Request the "evidence of coverage" document associated with the plan. The evidence of coverage document is what you need if you want to understand in perfect detail, exactly what a health care plan covers. You will find a thorough explanation of benefits, exceptions, and exclusions. The evidence of coverage document provides details that may not be listed in that glossy plan brochure, or any online verbiage detailing plan benefits. In most circumstances, this document is legally required to be associated with most any health plan policy. It is available to consumers. You need only to ask.
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Medicare Supplement vs Medicare Advantage plans in Tennessee.
3 Tips To Getting Medicare Supplement Insurance In Tennessee
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