Wyoming Medicare supplement plans are essentially an additional health insurance policy which covers costs not included in Traditional Medicare coverage. These policies are often referred to as “Medigap” coverage.
These types of policies are provided by privately held insurance providers to ensure that patients have access to comprehensive coverage. Some of the common costs covered by these policies are coinsurance payments, co-payments, and deductible amounts. Some policies also offer additional coverage for issues such as medical care outside the U.S.
Wyoming Medicare Supplement Plans
The most basic requirements to qualify for Wyoming Medicare Supplemental plans is you must be a resident of the state and currently have Medicare Part A and B. You also either need to be at least 65 years old or collecting benefits from Social Security due to a disability. Wyoming doesn’t make it mandatory for a carrier to offer these types of policies to those under 65 on disability, however some carriers do still offer them. For an updated list of those carriers, please contact one of our agents.
How Wyoming Medicare Supplement Insurance Works
Generally, Wyoming Medicare Supplement insurance functions just like any other insurance policy. Policyholders are required to make their monthly payment amounts directly to the insurance company.
You’re also still required to make any applicable payments to Medicare for your Part A and Part B premiums. Policies are individual plans only, this means that all couples must sign up for their own policy.
When You Should Apply
There’s specific time frames coverage should be purchased. There’s a 6 month enrollment period available, this “Open Enrollment” period commences when an individual reaches the age of 65, and has also enrolled in Part B of the Medicare program.
The good news is that during the OEP, potential applicants in poor health can obtain a suitable policy for the same price as the policies offered to a healthy beneficiary.
If you’ve missed out on the OEP, you may still obtain supplemental coverage. Outside of Open Enrollment, insurance companies will revert back to standard medical underwriting guidelines, which mean that they may elect to deny you based on existing health problems or charge you higher premiums. For a full breakdown of the different types of Medicare Enrollment Periods, click here.
How Your Rates are Determined
Wyoming Medicare Supplement rates are determined using three different types of pricing methods. The three different types of pricing methods are as follows:
- Attained Age Rated: Premiums are based on your age and won’t go up as you get older
- Issue Age Rated: Premiums are the cheapest when you apply at a younger age and they won’t go up as you get older
- Community Rated: Premiums are also lower for those that apply at a younger age but will increase as you get older.
When comparing rates with the carriers in your state, make sure to ask your agent what type of pricing method each carrier uses.
Wyoming Medicare Supplement Plan G
There’s 10 supplement policies that a Medicare beneficiary can choose from. Each policy contains the standard benefits that are mandated by the government in Plan A. They’ll also include different additional benefits per letter plan, A-N.
Aside from a standard benefits found in Plan A, Plan G will cover any coinsurance for Skilled Nursing Facility care, the deductible for your Medicare part A, any excess charges from Medicare Part B and coverage for any foreign travel emergency care outside of the US.