Kentucky Medigap plans are Federally-standardized – view the Medigap coverage chart. For KY and most of the rest of the country, there are ten standardized plans, and each plan represents a different level of coverage. Although coverage is standardized, the Medigap premium rates can vary considerably from one company to the next. In addition to coverage being standardized, claim payments and doctor acceptance are also standardized on Kentucky Medigap plans. With that in mind, it is essential to compare plan options based on premium rates and company reputation.
There are also some state-specific things that you should know if you are an Kentucky resident searching for or comparing Medigap plans. First of all, rates in KY are based on your zip code. For most states, there are 2-3 different geographic rating areas that are used to determine your rate and this is the case (with most companies) in Kentucky. With most companies, rates also vary based on age – in other words, older ages pay a higher premium.
Kentucky follows the Medicare-required open enrollment and guaranteed issue requirements. You have 6 months following the month of your 65th birthday or Medicare Part B start date (whichever is later) to sign up for a plan without underwriting. Also, if you lose employer/group coverage or your Medicare Advantage plan terminates, you have a 63-day guaranteed issue period, during which you can sign up for a Medigap plan without underwriting restrictions. Contrary to popular misconception, there is not an annual enrollment period, so it is essential to enroll in a plan when first eligible.
The Medigap market in Kentucky is very competitive currently. Some of the insurance companies that figure prominently in the Medicare market in KY currently are Mutual of Omaha, Equitable, CIGNA, Medico, AARP (United Healthcare), and Central States Indemnity. Whether it is through us or someone else, it is advisable to obtain rates from all the companies that offer plans in your zip code from an independent agent. To get an Kentucky Medigap comparison by email, you can contact us here.
Medigap plans in Kentucky do change over time, especially the rates, so if you already have a plan it makes sense to do an annual review to insure you have the most cost-effective plan at the coverage level you want/need. In the last 12 months, several companies have entered the KY Medigap market or lowered rates to be more competitively positioned.
If you have questions about Kentucky Medigap plans or want to obtain a rate comparison by email, you can contact us online or by phone at 877.506.3378.