Shopping for health insurance can be confusing, especially with Medicare. Once you hit 65 and are enrolling in Medicare for the first time, you’ll need to decide how to get your coverage—through Original Medicare or a Medicare Advantage plan. Then you’ll likely be considering a Medicare supplement insurance plan (Medigap) to help with costs. This is where choosing the right insurance provider, like a Humana Medicare supplement plan, can make all the difference.
This article breaks down everything you need to know about Humana Medicare Supplement Insurance so you can make an informed choice.
Table of Contents:
- What Are Humana Medicare Supplement Plans?
- How Do Humana Medicare Supplement Plans Work with Original Medicare?
- Benefits of Humana Medicare Supplement Plans
- Factors to Consider When Choosing a Humana Medicare Supplement Plan
- When Can I Enroll in a Humana Medicare Supplement Plan?
- How Much Do Humana Medicare Supplement Plans Cost?
- How to Enroll in a Humana Medicare Supplement Plan?
- Humana Medicare Supplement Plans vs Medicare Advantage
- FAQs about Humana Medicare Supplement Plans
- Conclusion
What Are Humana Medicare Supplement Plans?
Humana Medicare Supplement plans are policies sold by Humana. They help pay some of the out-of-pocket costs that Original Medicare doesn’t cover, such as deductibles, copayments, and coinsurance.
Think of a Medigap plan like this: Original Medicare builds a financial safety net, catching major healthcare expenses, but gaps can appear that leave you with unexpected costs. Humana’s Medicare Supplement Insurance plans act like an extra layer of protection, filling those financial gaps so you’re not caught off guard.
You pay a monthly premium for a Humana Medicare Supplement Plan but gain peace of mind knowing you’ll have help covering healthcare costs when you need it. These policies are offered in several standardized plan options—lettered A through N, although plans C and F are no longer available to new Medicare beneficiaries—each with a unique set of benefits at varying price points.
How Do Humana Medicare Supplement Plans Work with Original Medicare?
With a Humana Medicare Supplement plan, you’ll still have your Original Medicare (Parts A and B) benefits. This means you’ll continue using your Original Medicare card to receive services from any provider nationwide who accepts Medicare.
Whenever you use your Medicare benefits, Humana’s plan automatically kicks in to cover some (or in some cases, all) of your share of the bill. However, these plans generally do not cover long-term care, vision, dental, or prescription drugs.
These services may require separate Medicare plans, like a Medicare Advantage plan that bundles them.
Benefits of Humana Medicare Supplement Plans
If you are considering purchasing Humana Medicare Supplement Plans there are many factors to consider. Some people think all Medicare Supplement plans are created equal, but Humana sets itself apart with a long-standing reputation for good customer service and an array of plans. Here’s what makes Humana a solid choice:
Wide Range of Plans
Humana offers a diverse range of plans, allowing you to choose the one that aligns best with your needs and budget. Each supplement insurance plan type (A, B, D, G, K, L, and N) offers different coverage levels for the various “gaps” in Original Medicare.
For those who prioritize lower monthly premiums and don’t mind shouldering some of the healthcare costs, plans K, L, and N may be suitable. If minimizing out-of-pocket expenses, even if it means paying a higher monthly premium, is important, Plans A, B, D, or G are great options. Navigating these options can seem complicated, that’s why comparing the best Medicare Supplement plans side-by-side can make a significant difference in choosing the right plan for you.
Financial Stability and Dependability
Humana is a financially sound and well-established company in the insurance world, offering various insurance plans. Choosing a stable insurer gives you confidence that they’ll be there to help when you need them. This is backed by good ratings from independent agencies like AM Best.
These ratings, which take into account factors like a company’s financial strength and ability to meet its policyholder obligations, provide valuable insights into an insurer’s reliability and financial well-being. You can find information about a specific insurance company’s AM Best rating on their investor relations page or on the AM Best website.
Additional Benefits
Humana stands out by including extra perks, enhancing their Medigap offerings with valuable additions like fitness programs and healthy living incentives to improve your well-being. These additions vary based on the plan and your location, so be sure to review plan details or ask a representative for clarification.
Factors to Consider When Choosing a Humana Medicare Supplement Plan
Choosing a Medicare Supplement insurance plan is an important decision. Humana gives you several things to think about to find the plan that best fits your life.
Coverage Needs and Budget
You’ll need to weigh your healthcare needs against how much you can afford each month. Think about how often you go to the doctor, if you have any ongoing health issues, and whether you might need extra help with long-term care, vision, dental, or prescription drugs.
Consider which “gaps” in your Original Medicare coverage matter most to you. Medicare supplement insurances cover you for Original Medicare deductibles, coinsurance, and copayments, but coverage varies depending on the specific Medigap plan.
Evaluating which of these out-of-pocket expenses are most concerning can help determine the level of coverage you’d benefit most from.
Plan Costs
Keep in mind that you will pay a monthly premium, so make sure to factor that into your budget. Also, look into any deductibles or out-of-pocket maximums. A licensed insurance agent can walk you through the costs and benefits of various Humana plans, helping you make a more informed choice.
Your Location
The availability of different insurance plans varies by state, so where you live is a key part of what you qualify for.
When Can I Enroll in a Humana Medicare Supplement Plan?
You’ll want to understand What to Know About Medigap Enrollment before getting started because the ideal time to sign up is during your Medigap Open Enrollment Period, which is a six-month window that starts as soon as you turn 65 and enroll in Medicare Part B.
During this time, you can usually enroll in any Medigap plan offered in your state without being turned down or charged higher premiums, even if you have health issues. You can always apply outside this window, but keep in mind, you may not be guaranteed the same rates and benefits as you would during Open Enrollment and you may even be denied coverage due to a pre-existing health condition.
How Much Do Humana Medicare Supplement Plans Cost?
Knowing what is the average cost of Medicare Supplement insurance and if there are ways to save is super important for most seniors on a budget. The cost of a Humana Medicare Supplement Plan depends on many factors including where you live, the coverage level you choose, your age, whether you use tobacco, if any discounts apply (like a household discount for two people on the same policy or if you’re signed up for paperless billing), and the pricing method the insurance company uses. The most common pricing methods are attained-age, issued-age, and community-rated. Be sure to get personalized quotes to know what to expect.
It is worth mentioning that while a Medicare supplement insurance plan does require an extra monthly premium, many individuals find the added protection well worth the expense, especially since these policies can significantly reduce your out-of-pocket costs on medical care. This makes budgeting easier since you have a better idea what you will pay out of pocket for medical services.
How to Enroll in a Humana Medicare Supplement Plan?
If you’re considering a Humana Medicare Supplement Plan and are ready to learn more or start the enrollment process, there are a couple of ways to do that.
Online
Humana’s website makes it easy to get quotes for Medicare supplement insurance in your area, compare options, and enroll online if you find a plan you want. It only takes entering some basic information.
Phone
If talking to someone directly is easier, you can reach out to one of Humana’s licensed insurance agents. They can answer your questions and walk you through enrollment.
Humana Medicare Supplement Plans vs Medicare Advantage
While both are provided through private insurance companies, there are some key differences between Medicare Supplement Insurance plans and Medicare Advantage plans. Let’s take a look at how the two options stack up:
| Feature | Humana Medicare Supplement Plans | Humana Medicare Advantage Plans |
|---|---|---|
| Plan Coverage | Works alongside Original Medicare (Parts A and B), helping cover costs not fully paid by Medicare like copays, coinsurance, and deductibles | Alternative to Original Medicare—combines the coverage of Original Medicare, often with additional benefits like prescription drug coverage, vision, or dental. |
| Cost | Generally higher monthly premiums but predictable healthcare costs | Lower or $0 monthly premium but you typically have a copay or coinsurance for services |
| Provider Network | See any doctor or use any hospital nationwide that accepts Medicare | Typically have a network of providers—seeing doctors or using hospitals outside the network usually comes at a higher cost or isn’t covered |
| Prescription Drug Coverage | Requires a separate Medicare Part D plan | Most plans bundle prescription drug coverage |
| Additional Benefits | May include wellness programs, travel coverage, and other perks depending on your plan | Typically includes prescription drugs and may offer additional benefits, such as vision, dental, hearing, or fitness benefits depending on your plan. |
It’s best to carefully evaluate your healthcare priorities and compare plans side-by-side to make the best choice for your individual needs.
FAQs about Humana Medicare Supplement Plans
What is the most popular Humana Medicare Supplement Plan?
Medicare Supplement insurance plan popularity varies by location, but Plan G remains a top contender for individuals seeking robust coverage and has become one of the most comprehensive plans available since Plan F was discontinued for new Medicare enrollees.
Can I switch my Humana Medicare Supplement plan if I am not happy?
It is important to note that while you have the option to change your Medicare Supplement plan throughout the year, you will lose your guaranteed issue rights when switching outside specific circumstances like moving out of your plan’s service area.
Conclusion
Choosing the right Medicare coverage as you reach age 65 is one of the most significant healthcare decisions you’ll make. If you prefer the broad provider network of Original Medicare and prioritize more comprehensive coverage and predictable costs, then Humana Medicare Supplement Plans are worth exploring.
While Humana Medicare Supplement Insurance Plans involve a monthly premium, many find the benefits of having robust coverage that provides financial protection against unexpected medical costs far outweigh any additional monthly expenses.