People with diabetes will need anti-diabetic drugs to manage blood sugar and equipment to monitor their blood sugar. Adults will also need to see the doctor regularly to manage their condition and may need extra treatment if they have diabetic peripheral neuropathy in their feet.
Medicare Part B and D cover blood glucose testing, medical and educational services, and diabetes medication. Often, the patient covers a 20% coinsurance for doctor’s visits or medication. Copayments, coinsurance, and deductibles for treatment can mount up. Additionally, Medicare Part B does not cover insulin and the supplies necessary to administer it (unless used with an insulin pump). Medicare Part B covers up to a certain amount of insulin test strips and lancets every few months. It also covers some preventative care like screenings for heart disease, glaucoma tests, and nutritional counseling.
These gap plans are especially beneficial, as people with diabetes pay 30% higher out-of-pocket costs for care and between 64 - 83% for prescriptions. By purchasing medicare supplemental insurance, you’ll have greater peace of mind when it comes to managing your out-of-pocket expenses.
Medicare Part B covers most diabetes medication and treatment, so if you’re looking for supplemental insurance, you should choose a plan that covers the deductible, coinsurance, and copayment for Part B plans. For that reason, we recommend Medigap Plan G for diabetes coverage for anybody under the age of 65.
Pro Tip: Wisconsin, Minnesota, and Massachusetts have different Medigap plans than the rest of the country, so be sure to contact a provider directly if you live in one of these states.
For example, a client of mine had $2,000 per month in diabetes costs. Medicare covered $1,600, leaving $400 per month for him to pay. He ended up finding a Medigap plan that covered the balance, so he had no out-of-pocket costs for medication or visits.
How To Choose the Best Medigap for Diabetes
Since Medigap plans are federally regulated, a Plan G from one company will offer the same coverage as that of another company. With this in mind, we looked for the following when it came to choosing the best Medigap policies for diabetes:
- Affordable premiums: Those with diabetes already have their hands full when it comes to paying for health care. Because of this, we looked for providers that offered affordable monthly premiums, lessening your load.
- Diabetes-specific benefits: While the actual coverage of Medigap policies will be the same across providers, some insurers offer additional health and membership benefits that are particularly useful to those with diabetes.
- Simple management: Anyone who has ever navigated the world of U.S. health care knows how complicated it can be. Because of this, we looked for providers that simplified the process of obtaining and managing coverage.
A 66-year-old woman in Texas would pay $112 per month for Medigap Plan G.
- 24/7 customer service line
- Household discounts
- Easy-to-understand policies
- Coverage in most states
- Temporary ID cards emailed same day
- Relatively few plan options
Mutual of Omaha has been in business for over 100 years. You can choose any doctor or hospital you would like, and if you’re a globetrotter, your coverage follows you around the world. Mutual of Omaha also pays 98% of Medicare claims within 12 hours.
Since they’ve been offering Medicare supplemental insurance for over 50 years, this experience shows in their customer service. Give them a call to obtain a free quote on a Medigap policy, and you’ll see how polite and knowledgeable their staff is.
A 70-year-old woman in Arizona would pay $144 per month for Plan G coverage.
- Prescription-drug and dental options
- No network restrictions
- Dedicated helpline
- High-deductible options
- Not available in Massachusetts