Vermont Medicare Supplemental insurance plans are meant to fill in the gaps left by Part A and Part B of Medicare. The government controls what benefits are included on each of the ten letter plans to ensure that beneficiaries are treated fairly across all carriers and states. Each plan will include the basic core policy benefits and add additional benefits that are specific to that plan letter.
Vermont Medicare Supplement Plans
Vermont Medicare supplement plans are lettered A through N. Please keep in mind, these policies were not meant to replace your Original Medicare, but to compliment it. They cannot be used as standalone insurance plans. They also don’t work with Medicare Advantage plans, you would need to disenroll in your MA plan prior to your supplement policy becoming effective.
Plan A Medicare Supplemental plans only includes the core policy benefits. Those benefits are coverage for your Medicare Part A coinsurance hospital costs for an additional 365 days after your Original Medicare benefits have been used up, coverage for your Medicare Part B coinsurance or copayment, coverage for the first 3 pints of blood needed for a medical procedure, coverage for Part A hospice care coinsurance or co-payment and Medicare preventive care Part B coinsurance coverage.
Plan B & C
Along with the core policy benefits, Plan B will include coverage for Medicare Part A deductible. Medicare Supplement Plan C will include coverage for both your Medicare Part A and B deductible, coverage for any coinsurance required for Skilled Nursing Facility care as well as coverage for foreign travel Emergency Care up to your plan limits.
Then there’s Plan D supplement insurance, this plan is very similar to Plan C. The only difference between both these plans is that Plan D does not cover your Medicare Part B deductible, but it does cover your Medicare Part A deductible.
Plan F and High Deductible Plan F
There’s also a Plan F and a high-deductible Plan F. Both plans will include the same benefits as Plan D, as well as benefits for your Medicare Part B deductible and any Part B excess charges. The only difference between these two versions is that the Plan F high deductible benefits will require you to pay the full deductible amount before coverage will begin. These two plans are known to be the all in one inclusive policy since they include all benefits on the chart.
Plan G will also pay for any Medicare Part B excess charges and includes almost all the benefits found in both versions of Plan F. The only difference is that Part G Medicare won’t cover your Medicare Part B deductible.
Plans K & L
Next is Plans K and L, both of these plans are known as cost-sharing policies and each include out-of-pocket limits. They both will only cover a percentage of the coinsurance or copayment required for your Medicare Part B, a percentage of the first 3 pints of blood that’s needed for a procedure, a percentage of your Part A hospice care coinsurance or copayment, a percentage of the coinsurance for Skilled Nursing Facility care and a percentage of your Part A deductible. After you meet your out-of-pocket yearly limit and your yearly Part B deductible, the plan will pay 100% of covered services for the remainder of the calendar year.
Plans M & N
Finally, there’s Plan M and N. They both include the same benefits as Plan D, with minor differences. The difference with Plan M is that it will only cover 50% of your Medicare Part A deductible. Medicare Supplement Plan N outline of coverage includes all of your Medicare Part A deductible, but requires a small copayment for some office visits and emergency room besides.
Vermont Medicare Supplement Rates
Aside from your age, location, gender and other factors, Vermont Medicare Supplement rates are determined using one of the three different types of pricing methods listed below.
- Community Rated
- Issue Age Rated
- Attained Age Rated
Knowing what pricing method each carrier uses will be beneficial when comparing prices. Our agents will be able to determine which pricing method each carrier uses to find you the best rate.
Open Enrollment Period (OEP)
The best time to apply is during your Open Enrollment Period. During this time, you’re given what’s called guaranteed issue. That means that a carrier cannot deny you coverage due to any pre-existing conditions or increase your rates. You won’t have to undergo any medical underwriting to be approved for a policy. Your OEP will continue for six months and begins the first day of the month after you turned 65 and are enrolled in Medicare Part B.
So for example, if you turned 65 in 2015 but didn’t apply for Medicare Part B until July of 2017, then your OEP will begin August 1st of 2017. Not all states offer plans to those on disability who have not reached the age of 65, however, state of Vermont Medicare Supplement plans are available through some carriers.