Medicare Supplement Plans in Texas

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Contributor, Benzinga
November 15, 2021

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Medicare Supplement Plans, sometimes referred to as “Medigap policies,” help to fill the “gaps” of coverage not offered by Medicare insurance. Though these plans are sold by private insurance companies, the policies are standardized across insurance providers. Therefore, it doesn't matter which company you purchase Medicare Supplement Plans in Texas from, all will share the same general benefits organized by plan type. 

Best Medicare Supplement Plans in Texas

Continue reading to explore the benefits and drawbacks of choosing the following Medicare Supplement Plan providers in Texas to cover your Medigap needs. 

  • CoverRight: Best for Online Assistance
  • Aetna: Best for Affordable Premiums
  • Cigna: Best for Added Benefits
  • Mutual of Omaha: Best for Financial Strength
  • EasyMedicare: Best for Personalized Guidance

Key Points

BZ

 

  • Medicare Supplement Plans help to pay for the costs that Original Medicare does not cover and that you have to pay out of pocket.
  • Some examples of these coverages may include your Part A deductible and healthcare costs you incur while traveling.
  • Medicare Supplement Plans can be enrolled in during your 6-month Medicare Supplement Plan Enrollment Period, which begins the month that you turn 65 and become eligible for Medicare.  If you enroll after this initial enrollment period, you may be denied coverage or you may pay higher premium rates.
  • Plan G, the most popular Medicare Supplement Plan, covers everything that Medicare Plan A and Plan B covers, except for the Plan B deductible.

What Is a Medicare Supplement Plan?

Medicare Supplement Plans are Medicare insurance add-on plans sold through private insurance companies. These policies are sometimes also referred to as “Medigap coverage.”  Medicare Supplement Plans help pay medical costs that are not covered by Original Medicare, such as coinsurance, copayments and deductibles. 

When you begin comparing Medicare Supplement Plan options, you’ll notice that plans are labeled using letters of the alphabet. Medigap policies have standardized benefits across insurance providers. Insurance companies approved to offer Medicare Supplement Plans must offer all the standardized benefits included with that plan. No matter where you purchase a Medigap policy, all Plan A coverage will include the same benefits. This is true for each Medigap plan option. The only variation between companies are the expenses you pay for coverage, like your monthly premium and your deductible (if applicable). 

Medicare Plan G

Medicare Plan G covers everything that Medicare Plan A and Plan B cover; however, it does not cover the Part B deductible. As of January 2020, insurance providers can no longer provide coverage for your Part B deductible. This means that Plan G coverage is currently the most comprehensive coverage option for new Medicare enrollees. In the state of Texas, you may choose a high-deductible or low-deductible Plan G option depending on what your health insurance provider offers.  

When Can I Enroll in Medicare Supplement Plans in Texas?

You can enroll in Medicare Supplement Plans at a few different times. The Medicare Supplement Open Enrollment Period is the best time to enroll and is specific to you. Your Medicare Supplement Open Enrollment Period begins the day that your Part B insurance goes into effect — which only occurs once you reach 65 years of age. You are first eligible to enroll in a Medigap policy on the first day of the month that you turn 65. 

Your Open Enrollment period lasts for 6 months after you turn 65. This period marks the best time to enroll because you do not need to answer any health questions in order to get coverage. You cannot be denied coverage as long as you enroll during your 6-month Open Enrollment Period, and you’ll usually pay the lowest rates for coverage when you sign on during this time. 

You can join a Medicare Supplement Plan at any point during the year if your enrollment period has passed. However, you’ll likely have to answer health questions and go through a medical underwriting process. At this point outside of your enrollment period, an insurer can deny you coverage. Enrolling outside of your enrollment period may also result in higher premiums.       

Medicare Supplement Provider Reviews

Now that you understand how Medicare supplemental plans work, let’s take a look at a few of the best Medicare Supplemental policy providers offering options in Texas.

CoverRight: Best for Online Assistance

Not sure which Medigap plan is best for your needs? You might want to begin your search with CoverRight. CoverRight is an online platform that you can use to start comparing plans online with guidance from a professional. Best of all, using CoverRight is 100% free of charge.

Here’s how it works — first, you’ll create a CoverRight profile and instantly access the platform’s Medicare Basics video series. After answering a few questions in about a minute’s time, you can start comparing plan options in your area. In addition to Medigap policies, you can also be matched with doctors and prescription drug coverage choices from a single account. 

  • CoverRight Medsupp General
    Best For:
    People 64+ who want the best Medicare Advantage or Medicare Supplement Plan
    securely through CoverRight Medsupp General's website

    Only available to consumers in the following US states: Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington (State), West Virginia.

Aetna: Best for Affordable Premiums

If you’re living on a limited income, your choice in a Medigap policy will largely come down to price, especially if both you and your spouse are looking at Medicare Supplemental insurance options, as you’ll need to each enroll individually. Over time, the expense can put a significant strain on your household budget.

If you’re searching for affordable options in Texas, you may want to begin your search with Aetna. Aetna offers some of the most popular Medigap plan options in most parts of Texas. Depending on the plan you choose, you may pay as little as $37 a month for coverage. Aetna also offers discounts for spouses who are both enrolled, allowing you to save even more.  

Cigna: Best for Added Benefits

While Cigna only offers 5 plan types in most parts of Texas, it's still worth a look in your search for Medigap plans. Cigna offers a ton of added benefits in the form of member and health support. Also, you can save a ton of money with their exclusive member discounts.

Mutual of Omaha: Best for Financial Strength

When you choose an insurance company, it’s important to select an option with strong financial strength ratings. Financial strength ratings represent a company’s ability to pay out claims and remain stable. Companies with low financial ratings may not have the active cash flow needed to pay out all their claims in the long-term.

Mutual of Omaha has maintained consistently high financial ratings across multiple institutions. Mutual of Omaha has received a credit rating of A1 from Moody’s, the second highest possible rating. Mutual of Omaha has also been awarded an A+ rating from S&P Global, indicating significant financial strength. 

EasyMedicare: Best for Personalized Guidance

EasyMedicare prides itself in providing you with the most accurate information for your state, as Medicare Supplemental plan options can vary by state. You can use EasyMedicare to request information specific to your location — so you can be sure that you’re getting the most accurate information possible. If you don’t have time to chat on the phone with a representative, you can also explore the many parts of Medicare with EasyMedicare’s intuitive guides.

Finding the Best Medicare Supplement Plans in Texas

The most important thing to remember when enrolling in a Medicare Supplement Plan is that you’ll pay less and receive guaranteed approval when you enroll during your unique Open Enrollment period. This fact makes it important to begin comparing coverage options as soon as possible. Start by getting quotes from multiple Medigap providers so you know exactly how to sign onto coverage when your Open Enrollment period begins. 

Frequently Asked Questions

Q

What is the cost of Medicare Plan G in Texas?

A

The cost of a Medicare G plan in Texas will be dependent on the insurance company you purchase coverage through, but it will average between $95 to $160 per month.

Q

Is Medicare Plan G available in Texas?

A

Yes, Medicare Plan G is available for purchase through private insurance companies that are overseen by the Texas Department of Insurance.

About Sarah Horvath

Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.