The federal government funds Vermont Medicare insurance to provide proper health insurance coverage to persons over 65. However, some workers with disabilities may also be eligible for the program. Vermont also assists Medicare beneficiaries in the state.
Vermont Medicare Insurance Trends
Of the 623,989 residents living in Vermont, 24.23% are enrolled in Medicare. The Centers for Medicare & Medicaid Services (CMS) reported the following information on 2021 Medicare trends in Vermont:
- There are 151,195 residents of Vermont enrolled in Medicare.
- The average Medicare Advantage monthly premium decreased from $29.60 in 2020 to $25.69 in 2021.
- There are 23 Medicare Advantage plans available in Vermont for 2021.
- All Vermont residents with Medicare have access to Medicare Advantage plans, including those with $0 premiums.
- Currently, there are 12 different Medigap plans offered in Vermont.
Medicare Offered in Vermont
Medicare is often the best option for seniors in Vermont who are on a tight budget. The cost of premiums, deductibles and copays can be more affordable than private insurance plans because Medicare doesn’t have to cover as much overhead with their administrative costs.
Medicare starts with Original Medicare – Part A and Part B. Medicare Part A offers hospital insurance, covering services such as inpatient care. Medicare Part B is for medical insurance, as it covers outpatient care, durable medical supplies, preventive services, and other medically necessary treatments. In 2020, 130,416 Vermont residents were enrolled in Original Medicare. (source)
Medicare Advantage enrollment is relatively low in the state of Vermont. In 2020, just 19,805 Vermont residents were enrolled in Medicare Advantage. (source) Medicare beneficiaries can opt to purchase Medicare Advantage Plans that combine the benefits of Original Coverage and various types of supplemental plans.
Medicare beneficiaries can purchase a single plan with Part A, Part B, and Part D coverage plus coverage for services not included in Original Medicare coverage. These plans can have different added benefits, and they can be purchased from Medicare-approved private health insurance companies. These plans are also known as Medicare Part C. Depending on your county; there are anywhere between 15-19 plans available to choose from.
There are 27 stand-alone Medicare prescription drug plans available in Vermont as of 2021, compared to 25 plans in 2020. All Medicare beneficiaries have access to a Medicare prescription drug plan.
Three plans will be offering Medicare Advantage enrollees innovative benefits such as wellness and healthcare planning, reduced cost-sharing, and rewards and incentives programs.
Medicare Supplement Plans
For those who feel that Original Medicare coverage isn’t sufficient enough, supplemental plans are available from Medicare-approved private carriers throughout the state. These plans will also require a separate premium, aside from the standard premium for Part B.
There are many companies to choose from when it comes to Medigap plans in Vermont. Some of these include:
- AARP – UnitedHealthcare
- BlueCross BlueShield of Vermont
- Colonial Penn
- Mutual of Omaha
- State Farm
Vermont Medicare Enrollment
Those living in Vermont are eligible for Medicare if they are a U.S. citizen and above 65 years old or are under 65 but are permanently disabled, have end-stage renal disease, or Amyotrophic Lateral Sclerosis. Use Medicare’s online eligibility tool if you are unsure if you qualify.
- You are 65 or older, and you or your spouse worked and paid Medicare taxes for at least 40 quarters.
- You are under age 65 and collect benefits from Social Security or the Railroad Retirement Board for at least 24 consecutive months.
- You have ESRD or ALS.
Enrollment Period Dates
Initial Enrollment Period
This is a seven-month window that allows you to sign up for a plan
- Begins 3 months before the month you turn 65
- Ends 3 months after the month you turn 65
Medicare Open Enrollment Period
This is when you can sign up for a plan, switch a plan or leave a plan
- Begins Starts October 15th
- Ends December 7th
Special Enrollment Period
Special enrollment periods allow you to enroll outside the regular enrollment periods under specific circumstances.
General Enrollment Period
This is when you can sign up for Medicare Part A and/or Part B if you didn’t sign up when first eligible or if you’re not qualified for a Special Enrollment Period.
- Starts January 1st
- Ends March 31st
Medicare Advantage Open Enrollment Period
This is when you can switch or leave a Medicare Advantage Plan
- Starts January 1st
- Ends March 31st
Vermont Enrollment Tips & Advice
Before enrolling in Medicare and Medicare Advantage in Vermont, take the time to assess your options, weighing the pros and cons of price point, coverage, providers, and facilities in the plans’ networks, as well as ratings for Part C, and Part D plans available to you. The Vermont State Health Insurance Program can provide beneficiaries with additional resources for free.
How Do I Enroll in a Medicare Plan?
Residents of Vermont can register for Medicare if they are U.S. citizens and above 65 years old or are under 65 but are permanently disabled, have end-stage renal disease, or Amyotrophic Lateral Sclerosis.
If you have any questions about Vermont Medicare and your eligibility for financial assistance, speak to one of our licensed agents today. Our agents will discuss your Medicare options and help find a plan that works for you.