Medicare Supplement Insurance in Minneapolis, Minnesota

Lapses in Medicare Parts A and B can be enough to send even the most prepared retirees to the bottom of their bank account without the necessary insurance coverage. So how can penny-saving seniors keep their hard-earned money? This isn’t just a battle for bucks, but a fight for the lives of seniors throughout Minneapolis. In Minneapolis, there are undoubtedly more challenges than most in finding the right coverage.

Senior Medicare in Minneapolis: Facts and Figures

  • There are 39,137 senior citizens living in Minneapolis right now
  • There 10 hospitals in the Minneapolis area where seniors can get emergency and/or in-patient care 
  • 56% of Minnesota seniors have a Medicare Advantage plan 
  • 21% of seniors have a Medicare Supplement (Medigap) plan
  • Which leaves 23% of seniors potentially uninsured or underinsured against costly Medicare coverage gaps!

Aging makes everyone more at risk for particular diseases. Most of which will last for the rest of our lives, and require increasing amounts of care. Some may get better, but the more likely option is that they’ll continue to worsen with time. Not only will your health be at stake, but your financial security as well. Medical expenses are on the rise every single year, and fiscal evidence shows they will likely continue well into the future. There is also the potential that you might experience more than one of these diseases at the same time, doubling your medical bills.

Disease Prevalence (in Minneapolis)
Arthritis 17%
High Blood Pressure 31%
Coronary Heart Disease 6%
Diabetes 11%
Kidney Disease 3%

Healthcare Costs in Minneapolis, MN

We cannot look at prevalence alone without considering the cost factor of these diseases. Prescriptions, medical equipment, hospital time, at-home care, and scheduled check-ups all have a cost which culminate eventually. Medical costs continue to rise every single year, and seniors are living longer lives now more than ever. When considering these facts, the potential cost can get chillingly pricey, and fast. It is vital that you have the right health coverage going into the final stage of life if  you want to protect your investments, yourself, and your future.

Disease Prevalence (in Minneapolis) Annual Cost of Treatment
Arthritis 17% $296
High Blood Pressure 31% $359
Coronary Heart Disease 6% $7,888
Diabetes 11% $2,158
Kidney Disease 3% $7,467

Medicare Advantage Savings in Minneapolis, MN

The federal government has approved Medicare Advantage, which is a non-government administered private health insurance plan. The costs of your individual insurance are not directly paid for by the government, but instead the government pays their share towards your monthly premium and you pay the remaining medical costs on your own. Legally, your insurance must cover at least the identical benefits you would get if on state-mandated Medicare Parts A & B. Most non-government insurers add additional benefits like vision or dental, for a premium.

Medicare Advantage plans offer better coverage for the needs of seniors with these common chronic illnesses, according to the statements of those seniors themselves. Every illness, but especially those that are long-term and near the end of life, requires consistent management to alleviate symptoms and ensure a good quality of life. This can include prescriptions, testing items, frequent doctor visits, and more. As these conditions worsen, costs still continue to increase. Fortunately, there are Medicare Advantage plans which can cover even more than a traditional Medicare plan, even when said Medicare plan includes extras like Part D. To be ready for your remaining future, you have to prepare beforehand with Medicare Advantage.

Medicare Advantage can cover even more than Original Medicare Parts A and B. Doctor visits, testing equipment, and drug plans are options as well. Many plans allow the option to add vision or dental coverage for additional premium costs. Thanks to the government paying some or potentially all of the premium, seniors can get a fully comprehensive Medicare Advantage plan starting as low as $0 a month out-of-pocket for premium cost. There will still be certain items that insurance doesn’t cover, like copays or coinsurance, which will be the responsibility of the plan holder.

Medicare Supplement (Medigap) Savings in Minneapolis, MN

Medigap is another type of Medicare Supplement Insurance. They work similarly to Medicare Advantage and can save money in covering gaps in traditional Medicare Part A. The most common conditions (heart disease, for example) can cost upwards of five figures just for the hospital stay and administered in-patient treatments alone. At a certain cutoff, Original Medicare plans stop paying, and any remaining balance must come from the patient’s own pocket. A Medicare Supplement Insurance plan can stop that. 

Right now, there are four plans designed to cover the gaps in Part A of Traditional Medicare. These plans are: Plans A, D, K, and L.  Other plans cover gap in Part A as well as gaps in Part B, which will be discussed below. If you don’t think you will have extended Medicare Part B costs and are largely concerned with Part A, then you will be able to save even more, as plans which cover only Part A gaps are available at a lower premium. This could save a considerable amount as well over time

The plans we previously referred to but didn’t discuss are Medigap Plans B, C, D, F, G, M, and N. These plans not only cover Medicare Part A gaps, but also Medicare Part B gaps. Of course, more comprehensive coverage leads to larger premiums every month, but lesser out-of-pocket costs when the time actually comes to use your policy. Also note that Plan F is being retired after the year 2020, and you will no longer be able to enroll in it after that year. 

Traditional Medicare Part B covers any medical aspect that Part A cannot. This generally includes outpatient procedures, regular office visits, and medical testing home equipment. Responsibilities like coinsurance and copays will remain with the patient, as well as any premium. These costs too can be hard to handle, but thankfully there is no shortage of choices to help further reduce them.

Medicare Supplement Insurance does not cover any prescriptions, dental, or vision care, unlike Medical Advantage. But Traditional Medicare does have Part D available, which is specifically for purchasing medical drugs. Part D is available for purchase for anyone eligible for Medicare, whether or not they have any other Medicare plan currently as their main coverage. Also available online are hundreds of alternative medical plans for dental or vision in the Minneapolis area, which can be found through a simple Google search.

For seniors living in Minneapolis, just like you, purchasing the most affordable Medicare Supplement Insurance is absolutely necessary. Not only does it protect any retirement savings, it also grants peace of mind. Sad as it is, medical costs are continually on the rise, and they do not show signs of decreasing any time soon. It’s beyond your control, but one thing that is in your hands is how well you cover yourself with a comprehensive insurance plan. We want to help you find that supplemental Medicare gap coverage plan today.

Medigap Plan Minimum Monthly Premium Maximum Monthly Premium Average Estimated Monthly Premium (Part B Premium Included)
Medigap Basic Plan $121 $269 $331
Medigap Extended Basic Plan $185 $597 $527
Plan F (high deductible) $53 $121 $223
Plan K $77 $122 $235
Plan L $133 $171 $288
Plan M $140 $180 $296
Plan N $111 $245 $314

Compare Medigap Plans Online

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