May 22nd 2024
By Ari Parker
Medigap Plan G and Plan N have the most comprehensive benefits, but other factors must be considered the best Medicare Supplement Plan. Learn more here.
By Ari Parker
Saving money is top of mind for any Medicare beneficiary. Enrolling in a Medicare Supplement plan ensures that your out-of-pocket costs stay low. Also known as Medigap, these additional coverage options help cover the 20% of costs left by Original Medicare.
Nevada residents have access to ten Medigap ten Medigap plans, labeled Plan A through Plan N. As of 2023, over 140,010 Nevada Medicare recipients are enrolled in one of these ten plans. Keep reading to learn more about supplemental coverage options in Nevada.
Nevada residents have ten Medigap plans to choose from, which are standardized by the federal government.
Each of these ten plans provide different levels of coverage, but each plan of the same letter won’t differ from one another. For example, all Medigap Plan K’s are the same regardless of which insurance carrier you go with.
The most popular Medigap plan in Nevada is Medigap Plan G because it provides the most coverage.
Your premium is determined by which plan you choose, personal factors, and which Medigap pricing structure your plan uses.
Take a look at our Nevada Medicare Guide for information on how to enroll, compare coverage options, and save money on your healthcare costs.
Without a Medicare Supplement plan, you could end up owing a lot of money out of pocket for your healthcare needs. That’s because Medicare Part B only pays 80% of the cost of services. On top of that, Original Medicare has no limit for how much you have to pay out of pocket. Luckily, Medicare Supplement plans address those gaps in coverage by complementing Original Medicare and controlling how much you have to pay for services.
Medigap is federally standardized, so coverage options are the same in most states (there are three states that provide a different set of standardized plans). In Nevada, you can enroll in one of ten plans: Plan A, B, C, D, G, K, L, M, and N. If you turned 65 before January 1, 2020 you can also enroll in a Plan F or Plan C.
Our Medigap comparison chart can help you understand the differences between each plan.
Different insurance carriers offer the same plans. Regardless of the carrier, each plan of the same type will provide identical coverage. For example, there are 36 Plan Gs offered by different insurance companies in Nevada that all provide the same benefits.
*Note that Plans F and C are unavailable for Medicare beneficiaries who turn 65 after January 1, 2020.
Plan G is the most popular plan in Nevada because it has the highest level of coverage for new Medicare beneficiaries. Plan Gs cover coinsurance, copays, the Part A deductible, and Part B excess charges, all of which aren’t covered by Original Medicare. Plan N is another popular option that provides similar benefits, but doesn’t cover Plan B excess charges. There’s no Medigap plan that covers the Part B deductible for seniors who turned 65 after January 1, 2020.
While these two plans are popular, it’s good to compare your options because another Medigap plan may be a better fit for your unique needs. When searching for a Medicare Supplement plan, you should consider which will be best for your health and financial priorities. Talking to a licensed Medicare Advisor can help you enroll in the plan that works best for you.
While Medigap plans of the same type provide identical coverage, monthly premiums vary. As of 2024, the average cost of Medicare Supplement premiums in Nevada range from $90-$200 a month.
Your monthly premium not only depends on which plan you choose, but also on personal factors as well as policy pricing structures.
When pricing your Medigap policy, insurance carriers might use personal factors such as:
Age
Gender
Location
Tobacco use
Whether you’re living with someone who is also on Medicare
When you enroll
In addition to personal factors, insurance carriers use different pricing structures to determine your monthly premium. Medigap plans are priced in three ways—depending on the insurance carrier, your policy can be community-rated, issue-age-rated, or attained-age-rated.
Community-Rated: Age is not a factor in pricing. Your monthly premium is the same as everyone else with the same policy. Your premium also stays the same as you age.
Issue-Age-Rated: Your monthly premium is determined by the age you are when your Medigap plan is issued. With these plans, your premium does not increase as you age.
Attained-Age-Rated: Your current age determines your monthly premium. The price you pay also increases as you age.
Usually, community-rated plans are the most cost-effective and attained-age-rated plans are the least cost-effective in the long term. Keep in mind that while policy premiums may or may not change over time as you age, all policies may increase premiums due to economic factors like inflation.
If you are considering a Medicare Supplement plan, the best time to enroll is during your Medigap Open Enrollment Period. This is the six-month window after your Medicare Part B coverage begins. During Medigap Open Enrollment, insurance companies can’t ask you about your health history, charge you more based on your health status, or deny your application. If you want to enroll outside of your Open Enrollment period, insurance carriers may require you to undergo a medical underwriting and deny your application.
There’s much to consider when shopping for a Medigap plan. With ten plan types and countless insurers offering each one, you might not be sure where to start. That’s where we can help! Our licensed Medicare Advisors can compare plans with your unique needs in mind to help you choose the right coverage. Give us a call at 855-900-2427 or schedule a chat to get started.
