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Kentucky Medicare Supplement Insurance

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Kentucky Medicare Insurance Plans & Rates

Compare Medicare Supplement in KentuckyWe offer Medicare supplement insurance in Kentucky direct – at no additional cost. We are licensed with dozens of insurance companies so you can quickly compare the best rates online.

We’ll help you understand which Medigap plans offer the best overall value. With us, enrollment is quick and easy – and you’ll know you’re getting the lowest rates available.

Our brokerage represents several carriers, including Aetna, Assured Life, Anthem BCBS, Cigna, Bankers Fidelity, Central States Indemnity, Equitable, Humana, Liberty Bankers, Medico, Mutual of Omaha, Sentinel, Shenandoah Life, Southern Guaranty, Thrivent, United American, United Healthcare AARP, Western United Life, and many others.

Which Medicare Supplements Offer More Value?

There are ten Medicare supplements to choose from in Kentucky, but there are three plans that are most often purchased.  Those are Plans F, G & N.

1) The Case for Plan F:

Plan F is the most comprehensive of all Medicare supplements offered. It is also the most expensive. This policy fills in all of the gaps in Original Medicare (Parts A & B). In other words, if you have a Medicare approved healthcare expense, Plan F will fill in all of the gaps. You’ll have nothing more to pay. Many people like the convenience of Plan F as there are no additional bills. It should be noted that Plan F will no longer be offered to those who are new to Medicare beginning in 2020.

2) The Case for Plan G:

With Plan F now unavailable for those who are new to Medicare, we see more interest in Plan G. And rightfully so. Typically when a Medigap plan leaves the market (even partially) the rates rise more quickly. Plan G will continue to be for sale to everyone. The only gap that Plan G does not cover is the Part B deductible. In 2023, the Part B Deductible is only $226. In many cases, Plan G will be $25-$30 less per month than Plan F. Why pay more in premiums than the actual deductible itself? It’s not a good value. Thus, Plan G can be a smart choice.

3) The Case for Plan N:

Our clients like Plan N because it offers some of the lowest rates available in Kentucky. Like us, maybe you’d rather spend more on leisure activities and less on Medicare insurance. Plan N can be found for under $100 a month for many consumers. And it covers the major gaps in Medicare. Plan N is much like Plan G (neither covers the Part B deductible), but Plan N also has office copays.

You pay a maximum of $20 for any type of office visit (both primary and specialist) and $50 at the emergency room. You may also face Part B Excess charges with Plan N, but those are very rare. If your doctor does not accept Medicare assignment (and you’re facing Part B Excess charges), then you may consider finding a new doc. Plan N is popular as it fills in all the major gaps while still offering affordable premiums.

It’s wise to use an independent agency like ours to comparison shop. We offer the same rates as if you called each company directly. We also offer insight into who has the most premium stability over time while also administering your insurance hassle-free.

Prescription Part D Drug Insurance Coverage

Part D Drug Plans in KYMedicare does not cover most prescriptions purchased at your local pharmacy. So if you choose to enroll in a Medicare supplement policy, then you will likely want to purchase a Part D drug plan as well.

We help our clients find and enroll in the policies that offer them the most overall savings on their regular prescriptions.

Part D drug plans are offered only by private insurance companies – not the government. In Kentucky, prices range roughly from under $10 a month to over $70. Your best plan will depend on what you take. You may still have copays for your Rx’s, but they will be much less than if you had no insurance at all.

And even if you don’t take any prescriptions, it can still be wise to purchase a Part D plan. Why? Because Medicare will administer a Late Enrollment Penalty if/when you do enroll in the future. This penalty will last for a lifetime. In most cases, it ends up costing more than if you’d purchased a plan when you were first eligible – say at age 65.

What About Medicare Advantage Plans?

Many of our Kentucky clients choose Advantage plans over traditional Medicare supplements. There are several reasons for this, but first it’s important to understand the differences between the two.

Medicare Advantage (Part C) plans are private insurance policies offered by large insurance companies like Humana, Aetna, United Healthcare AARP, and others. These are all-in-one policies that combine your Medicare Parts A, B, and D into one policy. Most of these plans are either HMOs or PPOs. For them to work best for you, you’ll need to make sure you’re using the doctors and hospitals that are in your plan’s network. If you go out of network for care, then you will usually be on the hook for a larger percentage of the cost – or in some cases – you’ll be responsible for the entire amount!

Many of our clients prefer Part C Medicare Advantage plans because they cost much less than most Medicare supplements. In fact, some can be as low as $0 a month. And many include prescription Part D drug coverage as well. You will have more out-of-pocket exposure (usually around $3,400-$10,000), but the low premiums are attractive. If you’re on a tight budget and your preferred doctors and hospitals are in-network, then an Advantage plan can be a good choice.

And don’t forget to ask us about Medicare Medical Savings Accounts – or MSAs as they are called. These innovative Advantage plans credit thousands of dollars to your own personal account each year. You can use these funds to cover your deductible and/or other Qualified Medicare Expenses. They offer a great way to save on Medicare insurance premiums each year.

Medicare Insurance Plans For Those Under Age 65

If you qualify for Medicare due to disability before age 65, you have choices. You’ll have a normal Open Enrollment window as would someone who was just turning age 65. It’s VERY important to explore all of your options during your own personal 6-month Open Enrollment window. Failing to do so will limit your future insurance options.

During this window, you can enroll in a Supplement, Advantage, and/or Part D drug plan. You don’t need all three – so be sure to talk with a professional agent to make sure you understand how each works – and which ones work together. You’ll also want to understand that by choosing one now, you may not be able to easily change to a different plan later. When you are under age 65, Medicare supplements will be more expensive, but Advantage and Part D drug plans will cost the same as if you were 65 or above.

Once your personal 6-month Open Enrollment ends, it can be very difficult to find new coverage. The mistake we see some people make is waiting too long to find supplemental insurance. Don’t assume that you only need Medicare Parts A & B from the government. You will need more to be better covered.

Contact Us For Quotes, Rates And Online Enrollment

There is so much to love about the State of Kentucky. Beautiful countryside, magnificent horses, innovative distilleries, and great bourbons all come to mind. We spend a lot of time here and always enjoy the wonderful people we meet and the places we experience

Our independent agency offers Medicare supplement insurance, Advantage plans, and Part D Drug coverage across the entire state. From Louisville to Lexington – Bardstown to Florence – and all places in between, we can help you find the supplemental insurance that best fits your needs. Contact us today to get started!