How Do I Know If I Need A Medicare Supplement Plan?

Medicare is divided up into different sections, but perhaps one of the most noticeable is Medigap.  Medigap exists to lower the amount that beneficiaries must pay out-of-pocket.  However, Medigap is only available for Original Medicare beneficiaries.

The costs of Medicare

Medicare is health insurance that was created to cover many basic medical costs that seniors can encounter.  It’s offered through the US government and many choose to enroll at the age of 65.  There are multiple different types of Medicare plans, and which one an individual chooses will depend on their financial situation and what scope of coverage they wish to have.

Deductibles, premiums, and copayments are all typical when it comes to Medicare plans.  While Medicare is intended to save money, the out-of-pocket costs can still be a concern for some.  Those that have paid the necessary taxes will receive premium-free Part A, which can significantly reduce medical bills, but if you’re worried about other costs associated with Medicare, know that there are options.  One of the best ways to reduce the amount you owe is to purchase a Medicare Supplement policy.

Medigap

Medigap is supplemental insurance for those enrolled in Original Medicare.  There are ten different Medigap policies sold through private insurance companies.  These companies are not required to sell all ten policies, so it’s important to find a company with the policy you want to enroll in.

Anyone that’s uneasy about their Medicare bills should consider Medigap.  Out-of-pocket costs can be overwhelming, so Medigap helps ensure that beneficiaries are prepared for possible expenses and have financial protection.

Medigap coverage

Medigap policies work alongside Original Medicare and work to reduce the amount you owe out-of-pocket.  Medigap does this by covering a portion, or possibly all, of some medical costs, which include:

  • Deductibles
  • Coinsurance
  • Copayments
  • Skilled nursing facility care
  • Hospital costs
  • Excess charges
  • And more

Wondering if you should consider Medigap?

Enrolling in Medigap is a decision that can save thousands of dollars.  Those looking to reduce their out-of-pocket costs should consider Medigap as an effective avenue to do that.  Medigap enrollment is also fairly simple.  As soon as you are enrolled in Original Medicare (Parts A and B) and are 65, you will have six months to enroll in a Medigap plan and won’t have to worry about being denied coverage.  However, do keep in mind that if you became eligible for Medicare on or after January 1, 2020, you will not be able to enroll in Plan C or Plan F.

Medigap is for those that want to lower their medical bills while being proactive about the future.  If you’re wanting to learn more about Medigap and discuss whether or not it’s the right option for you, give us a call.  We’re here to help you through every step of the journey and provide detailed answers to Medicare-related questions.

Turning 65 Solutions can help you plan for the future.