Beneficiaries or people who are almost at the stage of becoming eligible for the Original Medicare need to understand that the coverage does not foot the bill for all health-care costs. It is because the policy does not include deductibles and copayments. Personal health expenses usually increase during the year, and Medicare does not have a yearly cap on the cost-sharing fees. Aetna Medigap Plans can help give you peace of mind in knowing most or all of your medical bills will be paid.
A majority of Medicare beneficiaries try to take more control over the costs associated with healthcare by buying Medigap plans. These are Medicare Supplements that come in handy as they clear out financial gaps between what Original Medicare finances and the client’s medical expenses.
Brief History of Aetna Medigap Plans
Seniors have been benefitting from Aetna Medicare Supplement Plans for many decades. The company first started operating as a life insurance company in 1850. In 1963, it recorded its big break after an agent in Houston sold life insurance to astronauts, convincing his company to take the policies before the men ventured into space. The deal worked out well for the insurer’s brand and the professionals.
Today many people know Aetna for its Medicare or life supplement plan products they provide for families, groups, and individuals. Other than this, they also focus on promoting health and wellness in the various communities they serve. To this end, the firm participates in numerous charitable events, helping to raise a lot of money for good causes. Back to its Medigap plans, Aetna is among the reputable and experienced insurance providers that have numerous Medigap programs you will find out about below.
Explanation of Aetna Medigap Plans
The company standardizes the plans into ten policy types. They have designated alphabet letters starting from “A” all the way to “N” giving individuals plenty of options to pick from. These exist in all states except for Massachusetts, Wisconsin, and Minnesota. Reason for this is because the company altered the policies in the destinations.
The company provides only three out of a total of ten supplement plans in the aforementioned states that endorse the policies. This funds a couple of individual expenses. A high percentage of the supplement plans permit you to get treatment or visit their preferred or top-notch medical specialists on the grounds they take Medicare. However, some programs like Medicare SELECT already have provider networks beneficiaries must see.
Aetna specializes in providing a wide range of supplements. Keep in mind that the supplements are not put in place to replace Medicare. They work conjointly with benefits from Part A and Part B. You must be using Medicare if you want to be eligible for Aetna Medigap Plans which are explained in detail below.
Aetna Medicare Supplement Plan A
It is known to be the most affordable supplement policies. If you purchase this coverage, know that you will be getting full coverage of Part A. It entails hospital coinsurance as well as hospital costs. These include a further 365 days of coverage even after exhaustion of the first plan. It also comes with complete coverage of Part A hospice copayment or coinsurance, and Part B’s copayments or coinsurance. Furthermore, it also picks the bill for the first blood pints yearly, i.e., three in number.
Aetna Medicare Supplement Plan B
If you are a policyholder under this plan, you get all the perks that come with the Plan A. Also, you will also benefit from full coverage of deductibles in Part A.
Aetna Medicare Supplement Plan F
It is one of the Aetna Medigap Plans that offer surplus coverage for the money policy holder’s end up spending outside their coverage. These can include all the benefits that exist in both policies (Plan A & Plan B). It takes care of payment of Part B’s extras which accounts for the change between what Medicare pays and the costs from the provider. It makes an allowance for about 15% overhead on the total that Medicare allows.
Moreover, the plan offers an all-inclusive payment of the deductibles in Part B and comprehensive amount of coinsurance that beneficiaries use for skilled nursing care. It is also worth mentioning that it covers emergency care for the people who want to explore various places abroad based limits on specific limits.
Plan F includes many things that the Original Medicare does not pay for entirely so that you don’t break the bank. Note that it attracts the most premiums because it covers a lot. It is one of the most expensive plans because there are no exceptions to this plan.
Aetna Medicare Supplement Plan G
By far it is one of the most popular plans that Aetna offers. It has competitive rates, and the most you can pay under this is $183 as long as you only work with hospitals or doctors that accept Medicare. Many agree that the plan offers excellent value for the premium dollar.
Aetna Medicare Supplement Plan N
This is an ideal option. It comes with a copay clause when you visit a doctor which ranges from $0-$20. The most beneficiaries get to pay when seeing a doctor is $20. Furthermore, there is also a $50 co-pay for emergency rooms which is waivered if you end up being admitted. Unfortunately, it does not handle excess expenses that exist in Part B.
Essential Details to Know about Aetna Medigap Plans
If you enroll for Aetna Medigap Plans, you pay monthly premiums in addition to the ones that you pay for Medicare. Beneficiaries can only use the benefits of the services that are under the Medicare plan. It implies that supplement plans do not take care of expenses that have to do with hearing aids, dental and vision care, and private nursing.
Regardless of the Aetna Medigap Plans you opt to pick, you will receive a 12-month rate guarantee, 30 days free look period, freedom to choose doctors, guaranteed renewable for life, household discount, portable coverage, and fitness discount program. You will be happy to know that there are no specified times of the year when you must wait for the enrolment period.
Some exceptions are available where you may enroll in any of the Aetna Medigap Plans without having to answer medical questions on an application. Examples of these include losing insurance because of moving away from the provider’s service area or losing coverage from an employer, the government, or union among many others.