Aetna Inc. (NYSE:AET) is a major health insurance company that offers Medigap coverage (also known as Medicare Supplemental insurance plans). And rest assured, Aetna has been in the market for a very long time. In 1853, Aetna Insurance was incorporated as Aetna Life Insurance Company. Aetna is based out of Hartford Connecticut, and since November 28, 2018, the company has been a subsidiary of CVS Health. Aetna’s main competitors in the Medicare supplemental insurance market are: Mutual of Omaha, Cigna, and United Healthcare, which also offers AARP sponsored insurance. Keep reading to learn more about Aetna Medicare Supplement Rates!
Supplemental plans help you pay for some of the health care costs not covered by Original Medicare (Parts A and B). This includes deductibles and coinsurance. This lets you see doctors and hospitals who accept Medicare. There are no network restrictions. The most important point for you to understand about Medigap/supplemental insurance benefits is that all benefits with a plan letter, are the same across insurance companies, but the premiums (known as the amount you pay for the plan) can differ. This means that shopping Medicare Supplemental rates is critical. Use our quote engine to see what plans Aetna offers in your area, and how their supplemental rates differ across Medigap plan.
We will focus on Aetna’s Medicare business in this article, and specifically Aetna Medigap (also known as supplemental Insurance) Policy offerings. Below we present facts and figures we hope you find useful. You don’t have to be a Medicare expert to find coverage that fits your needs. Prefer to chat with an expert about this topic? Please call us!
What Are Medicare Supplement Plans For?
In short, these plans help fill the gaps that Original Medicare, which includes Medicare Parts A and B, doesn’t cover. Thus, Medicare Supplement plans, also known as Medigap plans, supplement Original Medicare. They help “fill the gap” and pay coinsurance, copays, or deductibles for benefits that Original Medicare says is medically necessary. Medicare Supplement plans don’t cover:
- Prescription drugs (You may enroll in a stand-alone Medicare prescription drug plan, or Part D, for this coverage)
- Care and services Medicare doesn’t think is medically necessary
- Dental Insurance
Importantly, Medicare Supplement plans are not the same as Medicare Advantage plans, Medicaid, employer or union plans, TRICARE, VA benefits, long-term care insurance policies, or Indian Health service, Tribal, or Urban plans. And, there are many other companies besides Aetna that offer Medicare Supplemental Plans, Like Mutual of Omaha, United Healthcare, and Cigna. Regardless, these companies all have to offer the same benefits – but their cost can vary across state and company for the same letter Plan. The best way to understand the rates (also called premiums) for your plan of choice, is use our Quote Engine or call us at 1-888-891-0229. It’s a toll-free call and there is absolutely no obligation. Medicare is complicated, and you are not alone. We can help you understand your options – you don’t need to be a Medicare expert!
What Benefits are Offered by Medicare Supplemental Plans?
Medicare.gov has a great chart that shows the kinds of benefits available across Medigap plans (see below). Note that “Yes” denoted in the chart means that the plan covers 100% of the benefit listed. “No” means that the plan does not cover that benefit.
Importantly though, starting 1/1/2020, Medigap plans sold to seniors who just joined Medicare, won’t include Plans C and F. However, there is a grandfather clause of sorts: If you already have either Plan C or Plan F (whether your plan F is the high-deductible option or not) before January 1, 2020, you can keep your plan. And, if you were eligible for Medicare before this date, but not yet enrolled, you also may be able to buy one of these plans.
What else do I need to Know About Supplemental Plans?.
The Centers for Medicare and Medicaid Services also known as CMS or Medicare.gov, has a great article on things you should know about Medigap Policies. Specifically, CMS writes:
8 Things you Should Know About Medigap Policies
- You must have Medicare Part A and Part B.
- A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.
- You pay the private insurance company a monthly premium for your Medigap policy. You pay this monthly premium in addition to the monthly Part B premium that you pay to Medicare.
- A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you’ll each have to buy separate policies.
- You can buy a Medigap policy from any insurance company that’s licensed in your state to sell one.
- Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you pay the premium.
- Some Medigap policies sold in the past cover prescription drugs. But, Medigap policies sold after January 1, 2006 aren’t allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
- It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you’re switching back to Original Medicare.
What’s the take home message? Medicare Supplemental Plans can be difficult to understand, whether you choose Aetna Medicare Supplemental Rates, or rates offered by other health insurance companies. But we can serve as your Medicare expert at no cost to you. The best way to search for Medicare Supplemental Rates? Use our quote engine or call us at 1-888-891-0229.