The Coastal areas, in particular, rank highly in 'best place to retire' surveys and polls.
When you are planning a relocation to the Palmetto State, there is a lot to think about.
But one thing that should be a priority is your Medicare insurance.
While the Medicare benefits you receive from the Federal Government is not affected by your move, the available Medicare Supplement options here are quite different than those in the Northeast U.
S.
So, what are some of the things unique to South Carolina Medicare insurance that those retiring from the North may not be familiar with:
- Lower Medicare Supplement rates, on average, than nearby states (i.
e.
Georgia, Florida).
Medigap plan rates here are lower than most nearby states, and drastically lower than they are in most Northeast states.
Often, individuals who move to SC find that they can get Medicare Supplement coverage for less per month than they were paying for Medicare Advantage coverage in their former state.
- Lack of well-developed network-based plans.
Many people who relocate to SC from the North are very familiar with Medicare Advantage plans, such as HMO or PPO plans.
This is the privatized version of Medicare.
However, these plans are not as popular in South Carolina because it is a fairly rural state.
The networks for these plans are not as developed here in SC and fewer doctors/hospitals participate in the plans.
- When you move to SC, you typically have a "guaranteed issue" period to enroll in either a Medicare Supplement of your choice or a South Carolina Medicare Advantage plan.
The time period, in most cases, is 63 days, so you must be prepared prior to your move and act quickly, but having this guaranteed issue period does prevent you from paying more for insurance based on your current health status (or being denied coverage altogether).
However, by understanding the specific intricacies of insurance in your new state, the transition can be a smooth one.