Utah Medicare Facts And Statistics That May Surprise You

Utah Medicare is an insurance program for seniors age 65 and over and certain other individuals who qualify based on disability, and this insurance is offered by the federal government if you meet the eligibility requirements. The original Medicare plan offers coverage for hospital and medical insurance, also called Part A and Part B, but this insurance has many restrictions, limitations, and gaps. Many residents in Utah who are eligible for Utah Medicare also choose a Utah Medigap, Utah Medicare Supplement, or Utah Medicare Advantage Plan from a private insurance company as well. These private policies are regulated by state and federal government concerning what coverage must be offered, however the premiums for a policy can vary from low to high depending on the specific insurance company that you choose a policy through. Utah Medicare Supplement Plans are standardized and each plan covers exactly the same items while Utah Medicare Advantage Plans may have different co-pays for each service.

Medicare Statistics

Across the USA there are over 44 million people who are enrolled in the Medicare program, and 1 in 5 also have Medicare Advantage insurance coverage. 1 in 4 individuals who have Medicare in the USA will also choose a medicare Part D policy, which offers coverage for prescription medications. It is estimated that 1 in 10 people in the state have Utah Medicare coverage of some type, and this means that more than a quarter of a million individuals in Utah have this type of insurance in some form. More than 70,000 of these residents also pay for a Medicare Advantage policy through a private insurance company. It is estimated that more than 266,000 people have Utah Medicare Part D, which provides prescription drug coverage for eligible individuals.

Utah Medicare Components

Utah medicare offers the same components that are offered in the other 49 states as well. Medicare Part A provides hospitalization coverage and there is no premium charged for this insurance as long as you meet the eligibility requirements. Medicare Part B is also offered by the federal government but there is a premium charged for this medical coverage if you choose to take it. If you are eligible for Part A you automatically become eligible for Part B as long as you enroll and pay the premiums due. Part C involves Utah Medicare Advantage Plans, which are policies that are somewhat standardized regarding coverage, but these policies are offered by private insurance companies and each one may have different co-pay and premium amounts. Each of these policies must meet the standards for coverage set by federal and state laws, and the premiums and co-pays charged by each insurer can vary even though the policy outline of coverage is the same. Medicare Part D offers prescription drug coverage, and this is also offered by private insurance companies.

It is an exciting time of year, because Utah Medicare season is almost upon us. AEP or the Annual Election Period is the time of year where most folks can change or adjust their Medicare plan coverage. This period of time runs from October 15th until December 7th. Medicare supplements are different and can be changed throughout the year. There are occasionally times outside of this where  Medicare Advantage and Medicare Prescription Drug Plans  can be changed, so feel free to Contact Us Here or call us at 801-979-6365.

You will be receiving your annual notice of changes shortly, so do not hesitate to reach out to us with questions or concerns. There are far too many options available to stay in a plan that isn’t meeting your needs.