Medicare Plans in Vermont in 2022
As you near your Medicare enrollment age, it is important for you to know your coverage options. This blog post will explore what Medicare plans are available in Vermont in 2022 and what they entail.
Being aware of your state-specific Medicare rights can help you to find the best plan options possible. That’s why it’s so important to have a good understanding of the nuances of Medicare in your state. Read on to learn more about your Medigap, Medicare Advantage, and Part D options in Vermont.
How To Apply for Medicare in Vermont
If you are a Vermont resident who is only interested in enrolling in Original Medicare, you can do so through your local Social Security office. You can sign up in-person, online, or over the phone as early as three months before your 65th birthday.
However, if you want to enroll in a Medicare Advantage plan, Medicare Supplement Insurance, or Part D drug coverage, we recommend you speak with a licensed insurance agent. They can walk you through the process and help you to find the right plan for you.
Reach out to a team member here at Medicare Plans Direct today to have all of your Medicare-related questions answered.
Medicare Supplement Plans in Vermont
Which Medigap plans are available to you in Vermont will depend on a number of factors, such as which insurance company you enroll with and where you reside.
There were 53,092 Vermont residents enrolled in Medicare Supplement Insurance in 2019. This figure represented over a third (36%) of all Medicare enrollees in the state that year.
The most popular Medigap plans in Vermont include Plans C, F, and N. These plans offer some of the most comprehensive coverage around.
However, beneficiaries who first became eligible for Medicare on or after January 1, 2020 will no longer be allowed to enroll in Plan C or Plan F. Plans G and N are good alternatives.
Medigap Enrollment in Vermont
If you are interested in enrolling in Medigap insurance in Vermont, the best time to do so is during your Medigap Open Enrollment Period (OEP).
This occurs when you first become eligible for Medicare and enroll in Part B, and it lasts for 6 months. During this time, you can enroll in any Medigap plan offered in your area regardless of your health history.
Unless you qualify for a guaranteed issue right, you may have to undergo medical underwriting if you want to sign up for a Medigap plan after your OEP finalizes. In this case, insurance companies reserve the right to deny you coverage and/or charge you higher rates.
Some examples of guaranteed issue rights in Vermont include moving out of your Medicare Advantage plan’s coverage area, a change in retiree benefits, and losing your employer coverage.
You should also be aware that Medigap insurers in Vermont can implement pre-existing condition waiting periods. These waiting periods apply to conditions for which you receive medical advice or treatment (or were recommended treatment) during the six months immediately before your Medigap policy is issued.
This means that your insurance company can delay coverage for the condition in question for up to six months when you first enroll in your Medigap plan. However, these waiting periods can be shortened if you had creditable coverage during the six months leading up to your Medigap enrollment.
Medigap in Vermont for Disability Enrollees
Vermont beneficiaries under the age of 65 who qualify for Medicare because of a disability are guaranteed to be allowed to enroll in any Medigap plan they would like once they become eligible for Medicare. Though this is not mandated under federal Medigap regulations, Vermont is one of many states that has enacted laws to ensure this protection.
Vermont Medicare beneficiaries under the age of 65 have guaranteed issue access to Medigap plans during their Medigap OEP. This occurs during the first six months that someone is eligible for Medicare and are enrolled in Part B. However, insurers can charge them significantly higher premiums than they would charge beneficiaries aged 65 and older.
People who enroll in Medicare before they turn 65 will have an OEP during the six months following their 65th birthday. When this happens, they are allowed to sign up for any Medigap plan offered in their area without having to undergo medical underwriting or will be able to switch to 65+ premium rates.
Medigap Premiums in Vermont
As of 2019, there were 13 Medigap insurance providers in Vermont. State law requires that Medicare Supplement Insurance companies use a community rating system for setting monthly premium rates. This means that premiums cannot be based on a beneficiary’s age, and rates are typically the same for everyone in any given area.
However, this only applies to Medicare enrollees aged 65 and older. Vermont Medigap insurers are permitted to charge beneficiaries under the age of 65 significantly higher monthly premiums than they charge beneficiaries who qualify for Medicare because of age and not disability.
Medicare Advantage Plans in Vermont
Another coverage option for people looking for more benefits than those offered by Original Medicare is Medicare Advantage. Also known as Part C, these plans provide the coverage that you get under Original Medicare on top of additional benefits, which can include drug coverage, hearing coverage, vision coverage, dental coverage, and more.
Less than a fifth (18.4%) of Vermont Medicare beneficiaries were enrolled in a Medicare Advantage plan in 2021. In 2022, there are 26 Medicare Advantage plans available in Vermont.
100% of Medicare beneficiaries have access to at least one Medicare Advantage plan in 2022. However, which Medicare Advantage plans you have available to you depends on where exactly you reside, as plan availability varies from county to county.
For example, Medicare enrollees who live in Orange County can choose between 26 plans in 2022, while residents of smaller counties have fewer options available to them (there are only 17 plans offered in Chittenden, Franklin, and Grand Isle).
When it comes to monthly premiums, what you pay for your Medicare Advantage plan depends on where you live, the plan that you choose, and more. In 2022, the average Part C monthly premium for Vermont Medicare beneficiaries is $22.58. Plus, all Vermont Medicare enrollees have access to at least one plan with a $0 monthly premium.
Deciding which is the right Medicare Advantage plan for you is best done with the help of an experienced insurance agent. Here at Medicare Plans Direct we help you make the best Medicare choices possible at no extra cost to you. Reach out today to receive free Medicare advice.
Medicare Part D in Vermont
Another thing for Vermont beneficiaries to keep in mind is their Medicare Part D prescription drug coverage options. In 2022, there are 21 stand-alone Medicare Part D drug plans available to Vermont Medicare enrollees.
How much you will have to pay for your Part D premium depends on where you live and which insurance company you purchase your plan through. In 2022, the average Part D premium in Vermont is $49.63.
You can also find drug plans with $0 deductibles, though insurance companies usually charge higher monthly premiums for these plans. In 2022, there are four plans with no deductible available to Vermont residents, and the lowest-cost stand-alone drug plan with a $0 deductible has a monthly premium of $69.00.
It is typically a good idea to enroll in prescription drug coverage when you are first eligible if you foresee it being necessary in the future. If you don’t sign up for Medicare Part D when you first qualify and don’t have some other form of creditable drug coverage, you could face late enrollment penalty fees down the line.
Some Medicare Advantage plans offer coverage for prescription drugs, but if you are enrolled in Original Medicare and/or a Medigap policy, you will need a stand-alone drug plan to cover your prescription medication costs.
As you can see, it is important to make well-informed decisions when choosing your Medicare coverage. Here at Medicare Plans Direct, we help seniors navigate their Medicare enrollment journeys. Reach out today for a free consultation with a licensed insurance agent.