September 20th 2024
By Ari Parker
Get to know the Medicare Supplement plans in Mississippi. Understand the different types of coverage and choose the best MS Medigap plan for your needs.
By Ari Parker
Medicare Supplement provides coverage for over 167,000 Mississippi residents. This equates to about 26% of Medicare enrollees in the state. Medicare Supplement plans, which are also commonly called Medigap plans, complement Original Medicare by covering out-of-pocket healthcare costs like certain copayments, coinsurance, and deductibles. They significantly reduce your out-of-pocket costs while allowing you to keep all of the great advantages that come with Original Medicare.
This guide will help you understand your options for Medigap plans in Mississippi. It will also help you choose the right one for your needs—but we’re also here to help if you want to talk through your options!
You can choose from ten standardized Medigap plans (Medigap Plan A through N) in Mississippi.
Every plan of the same letter type provides identical coverage, but monthly premiums can differ between carriers and based on personal factors.
Insurance carriers use three pricing structures to price their plans: community-rated, issue-age-rated, or attained-age-rated.
Use our Mississippi Medicare Guide for more information on your Medicare options.
While Original Medicare covers a large portion of your healthcare costs, you are still responsible for paying a 20% coinsurance for most covered services. Because Original Medicare doesn't have an out-of-pocket maximum, this means you could face significant healthcare expenses if you need frequent or expensive care.
If you have Original Medicare and want to reduce your out-of-pocket healthcare costs, you can enroll in a Medigap plan. While Medicare Supplement plans are offered by private insurance companies, they are standardized by the government. This means that all Medicare Supplement plans of the same letter type are identical.
Unlike Medicare Advantage plans, which replace Original Medicare entirely, Medicare Supplement plans work alongside Original Medicare to "fill in the gaps" in its coverage.
Residents in Mississippi can choose between ten Medigap plans, which we outline in more detail below.
In Mississippi, you can enroll in ten different Medicare Supplement plans:
*Plans F and C are unavailable for beneficiaries who turned 65 after January 1, 2020.
Take a look at our Medigap comparison chart, which breaks down each plan's coverage and benefits.
All Medicare Supplements pay for:
Part A and Part B coinsurance and copays, including costs associated with hospital stays
First 3 pints of blood needed during care
Part A hospice care copay or coinsurance
Some plans also pay for:
Skilled nursing facility care coinsurance
Part A deductible
Part B excess charge
Medical costs when traveling to a foreign country
You'll notice that Plans K and L have out-of-pocket maximums, and Plans G and N pay for the most out-of-pocket costs. Plan G also has a high-deductible option to keep your monthly premium payment lower.
Focusing on your priorities can help you choose the right Medigap plan. Consider a plan that makes sense with your current and future medical needs and budget. One of our licensed Medicare Advisors can help you compare plans, so you can enroll in one that works for you.
On average, you can expect to pay between $30 (for a high-deductible Plan G) and $900 (high-cost Plan D) each month on premiums. How much you pay for your Medicare Supplement plan can depend on personal factors such as:
Age
Gender
Tobacco use
Monthly premiums tend to be higher for older adults and tobacco users. Some other factors that influence your monthly premium include:
Where you live
When you enroll
Whether or not you live with someone who is also Medicare-eligible
Your policy's pricing structure
Inflation and other economic shifts
There are three approaches insurance carriers can take to set Medigap premiums. These are called "pricing structures." The three pricing structures are explained below.
Attained-age rated: These plans use your current (attained) age to determine your monthly premium. Attained-age-rated plans are cheaper when you first enroll, but premiums increase as you age.
Issue-age rated: These plans determine your premium based on the age you are when you enroll. Your premium does not increase as you get older, so these policies are less expensive if you sign up when you are younger.
Community-rated: These plan premiums are based on what everyone in your area pays. The price you pay isn't determined by age.
The best time to enroll in a Medicare Supplement plan is during your Medigap Open Enrollment Period, a six-month window after your Medicare Part B coverage begins. There is no federal Open Enrollment Period for Medicare Supplement plans, so you can;t necessarily make a switch each year as you wish. During your Medigap Open Enrollment Period, you have a guaranteed issue right. Guaranteed issue means that insurance carriers cannot deny you coverage. If you try to switch to a Medigap plan outside of your Medigap Open Enrollment (or a handful of other guaranteed issue periods), you’ll likely need to answer medical underwriting questions. Insurance carriers can then deny your application or charge you more based on your answers to the underwriting questions.
Choosing the right healthcare plan is a big decision, and you may feel overwhelmed by the many options and factors to consider. A Chapter Medicare Supplement agent can give personalized advice, help you compare plans, and answer any questions about Medicare Supplement plans in Mississippi. Our advice is always free—call us at 855-900-2427 or schedule a time to chat to get started.
