If you are enrolled in Original Medicare or new to Medicare, you might be considering a Medicare Supplement plan to help reduce your healthcare costs. Original Medicare covers 80% of the costs of covered services, leaving you responsible for the remaining 20%. A Medicare Supplement (also called Medigap) plan stacks on top of Original Medicare to fill in cost coverage gaps. 

Medigap policies are offered by private insurance carriers but are standardized by the federal government. This means that all Medicare Supplement plans of the same type must provide the same coverage.

Beneficiaries in Oklahoma have a choice of ten different Medigap plans to enroll in. While the most popular plans in the state are Medigap Plan G and Plan N, it’s important to base your coverage decision on your priorities. In this post, we’ll walk you through the different Medicare Supplement plan options available in Oklahoma and how to choose the best one for you. 

Key takeaways:

  • Medigap plans are standardized across the country, so most states offer the same ten plans.

  • Every plan of the same type provides identical coverage, but your monthly premium varies based on personal and policy factors.

  • Plans G and N provide the highest level of coverage and are the most popular.

  • Take a look at our Oklahoma Medicare Guide for more information on all of your Medicare options.

The ten types of Medicare Supplement plans

Medicare recipients in Oklahoma have ten Medicare Supplement plans to choose from: 

It’s important to note that Plans F and C are unavailable for Medicare beneficiaries who turn 65 after January 1, 2020. 

The federal government standardizes these plans, which means all plans of the same type (e.g., all Plan Ms) are identical in coverage. 

While your coverage is the same across plans of the same type, your monthly Medigap premium can vary depending on a number of factors. We’ll discuss the cost of Medigap plans in another section. 

Our Medigap comparison chart is a helpful tool that outlines the differences between each plan. 

The best Medicare Supplement plans in Oklahoma

Plan G and Plan N are the most popular Medigap plans in Oklahoma. More than 85,000 Medicare recipients in Oklahoma are enrolled in either a Plan G or Plan N. Aside from Plan F, Plan G provides the most coverage for certain medical costs. 

Plan N is similar to Plan G. However, it doesn’t cover Part B excess charge. It also requires a small copay for some office and emergency room visits.

While these two plans are the most popular, you may want to compare them with other Medigap plans as well to ensure you understand the differences and choose the right plan for you. The right Medigap plan for you will address your medical needs, budget, and lifestyle. One of our licensed Medicare Advisors can help you understand your priorities so you can find the right plan for your needs. 

How much do Medicare Supplement plans cost in Oklahoma?

Medigap premiums in Oklahoma range from $30 a month for a high-deductible Plan G to $433 for the highest-cost Plan D. Medicare’s plan comparison tool lists all of the Medicare Supplement plans in Oklahoma along with their premiums.

The main difference between plans of the same type is the monthly premium. There are a few factors that can go into determining your monthly premium. These include:

  • Your age

  • Your gender

  • Where you live

  • Whether or not you smoke

  • When you enroll

  • Whether or not you live with someone who is also eligible for Medicare

  • Economic factors like inflation

  • Your policy’s pricing structure

You may also pay a higher premium if you enroll outside of your Medigap Open Enrollment Period. This is because you’ll likely need to go through medical underwriting, and insurance  carriers can charge you more (or deny your application) based on your answers. 

How insurance companies set the price for Medigap plan premiums

In addition to personal factors, insurance companies can use different “pricing structures” to set their premiums. The three pricing structures insurance carriers use are: community-rated, issue-age-rated, and attained-age-rated.

Community-rated plans don’t use age as a factor to determine your monthly premium. These plans price premiums based on what everyone else in the community is paying for the same plan. These policies tend to be the most cost-effective because your monthly premium is the same even as you get older. However, they aren’t available everywhere.

Issue-age-rated set monthly premiums based on your age at the time you enroll in the plan. These plan premiums are lower the younger you are when you sign up. They can increase due to inflation, but not due to age.

Attained-age-rated plans use your current age to determine your monthly premium. They are cheaper when you’re younger, but get more expensive as you age. 

Enrolling in the best Medicare Supplement plan for you in Oklahoma

Choosing the best healthcare plan can feel overwhelming. Luckily, you don’t have to do it alone! A Chapter Medicare Advisor can help you choose the best Medicare coverage for your needs. Our advice is always free, and you can rest assured we’ll compare all your options to help you choose the best plan for you. Give us a call at 855-900-2427 or schedule a chat to get started.

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