The Best Medicare Supplement (Medigap) Plans in Oklahoma
- Medigap coverage can be confusing. We take some of the mystery out of the process with reviews of the best Medigap options in the state of Oklahoma.
Choosing the right Medicare Supplemental Plan, also referred to as a Medigap plan, can help Oklahoma Medicare recipients achieve greater financial stability. These plans pay for a portion of the cost of deductibles and other out-of-pocket expenses that commonly occur with Medicare coverage. Oklahoma Medigap coverage is designed to work together with Medicare to provide financial protection for those who qualify for these types of insurance.
Less than a third of Medicare recipients in the state of Oklahoma are enrolled in Medigap coverage. If you are not one of the approximately 204,000 people who are currently enrolled in a Medicare Supplemental Plan in Oklahoma, we have compiled some research that can help you find the best way to manage medical costs.
You can find Medicare Supplement plans where you live by comparing plans from several different insurance companies online.
What Are the Best Oklahoma Medicare Supplement Plans?
Medicare Part A and Part B covers a large percentage of the costs of medical care and hospitalization for those who qualify. Also known as Original Medicare, Part A and Part B coverage does not cover all health care costs. Out-of-pocket expenses may include deductibles, copays and medical services obtained outside the United States. These costs can be covered partially or fully through your Medigap insurance policy.
You can choose from 10 Medicare Supplemental Plans in Oklahoma. Each of these plans offers specific types of coverage that are standardized across all insurance companies. For example, Medigap Plan A offers the same coverage no matter which insurance company offers it. Only the cost of the plan will vary from insurer to insurer. This standardized approach to Medicare Supplemental Plan coverage makes it simpler to choose the most affordable plan for your needs.
|Medicare Supplement Benefits||A||B||C1||D||F1||G||K||L||M||N|
|Part A coinsurance and hospital costs||✓||✓||✓||✓||✓||✓||✓||✓||✓||✓|
|Part B coinsurance or copayment||✓||✓||✓||✓||✓||✓||50%||75%||✓||✓|
|First 3 pints of blood||✓||✓||✓||✓||✓||✓||50%||75%||✓||✓|
|Part A hospice care co-insurance or co-payment||✓||✓||✓||✓||✓||✓||50%||75%||✓||✓|
|Co-insurance for skilled nursing facility||✓||✓||✓||✓||50%||75%||✓||✓|
|Medicare Part A deductible||✓||✓||✓||✓||✓||50%||75%||50%||✓|
|Medicare Part B deductible||✓||✓|
|Medicare Part B excess charges||✓||✓|
|Foreign travel emergency||80%||80%||80%||80%||80%||80%|
|1. Plans C and F are not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
2. Plans F and G also offer a high deductible plan which has an annual deductible of $2,700 in 2023. Once the annual deductible is met, the plan pays 100% of covered services for the rest of the year. The high deductible Plan F is not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
3. Plan K has an out-of-pocket yearly limit of $6,940 in 2023. Plan L has an out-of-pocket yearly limit of $3,470 in 2023.
4. Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 for emergency room visits that don’t result in an inpatient admission.
View an image version of this table.
Not all Medigap plans are available to new subscribers in Oklahoma. Plans C, E, F, H, I and J are closed to new enrollments and are only available to those who were eligible for Medicare on or before January 1, 2020.
Although Plan F is no longer available for newly eligible Medicare participants, it remains one of the most popular plans in Oklahoma and across the United States thanks to its affordability. Plans F, G and N are all lower-cost options that may feature higher deductibles. Plan N is especially appropriate for individuals who want to manage the cost of copays for their care in the doctor's office and in the emergency room setting.
How Do I Enroll in an Oklahoma Medigap Plan?
If you are eligible for Medicare Part A and B and have enrolled in these insurance plans, you can enroll in the Medigap plan of your choosing. There are a few points to keep in mind regarding this process, however:
- Beginning on the first day of the month in which you turn 65, you will have a six-month period during which you cannot be turned down for Medigap coverage. Insurers are required to provide you with the same price for premiums as they would for a completely healthy individual during this six-month period, which is known as the Medicare Supplement Open Enrollment Period.
- Failing to obtain Medicare Supplemental coverage during this six-month window, however, could increase the amount you will be required to pay for Medigap coverage and could make it difficult for you to obtain Medigap insurance at all. Pre-existing conditions that must be disregarded during your six-month initial enrollment period can be factored into the cost and risk of insuring you after that time.
- If you have pre-existing conditions, you may be required to wait six months after your application to use the benefits of your Medigap coverage.
- However, if you are covered by a private or an employer-paid insurance policy that covers your pre-existing conditions, you may be eligible for Medigap coverage and treatment from day one of approval.
- Guaranteed issue rights come into play if you lose Medigap coverage because of circumstances outside your control. Oklahoma Medicare recipients who have had Medigap coverage that lapsed because of the failure or bankruptcy of the insurer are usually able to obtain replacement Medigap insurance on the same favorable terms as those offered during the first six months of eligibility. Additionally, if you switched from Medicare Advantage to Original Medicare, you may be eligible for guaranteed issue rights for your new Medigap coverage. This can help you enjoy lower costs for your Medicare Supplemental Plan coverage.
AHIP. (Feb. 2023). The Sate of Medicare Supplement Coverage Trends in Enrollment and Demographics. https://www.ahip.org/documents/202301-AHIP_MedicareSuppCvg-v03.pdf.