Independent Agent & Medicare Supplement Specialist, reMEDIGAP, USA
If you want to help fill in the gaps that Original Medicare doesn't cover, then you should consider buying Medigap (Medicare Supplement) insurance. A Medigap Policy can help pay your share of Medicare-covered services (the co-insurance, co-pays and deductibles).
Generally, Original Medicare Part A and B only cover 80% percent of your health care costs, leaving you with the remaining 20% to pay out of your pocket -- unless you have a Medigap Plan. If you have a significant health issue arise, twenty percent can get hit your budget pretty hard. A $3,000 procedure will cost you $600 in co-insurance. A $10,000 procedure will cost you $1,000. Surgery costing $100,000 will leave you with a hefty $20,000 bill.
Some people believe they should wait until their health dictates a need for Medigap insurance. Unfortunately, waiting is not the best option as you may not qualify for Medigap insurance once you "need" it. Medigap insurance companies are not bound to the Affordable Care Act, so they can ask health questions (unless you are in a Guaranteed Issue situation or your initial Open Enrollment period). Your Medigap application will have to be approved through the medical underwriting department.
To find out if you are in your initial Open Enrollment or a Guaranteed Issue situation, you can work with an agent specializing in Medicare Supplement insurance or call Medicare directly. If you do qualify, you'll be able to buy a Medigap Plan in your state and not be required to answer any health questions.
If I can assist you with your specific situation, please feel free to contact me.
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Generally, Original Medicare Part A and B only cover 80% percent of your health care costs, leaving you with the remaining 20% to pay out of your pocket -- unless you have a Medigap Plan. If you have a significant health issue arise, twenty percent can get hit your budget pretty hard. A $3,000 procedure will cost you $600 in co-insurance. A $10,000 procedure will cost you $1,000. Surgery costing $100,000 will leave you with a hefty $20,000 bill.
Some people believe they should wait until their health dictates a need for Medigap insurance. Unfortunately, waiting is not the best option as you may not qualify for Medigap insurance once you "need" it. Medigap insurance companies are not bound to the Affordable Care Act, so they can ask health questions (unless you are in a Guaranteed Issue situation or your initial Open Enrollment period). Your Medigap application will have to be approved through the medical underwriting department.
To find out if you are in your initial Open Enrollment or a Guaranteed Issue situation, you can work with an agent specializing in Medicare Supplement insurance or call Medicare directly. If you do qualify, you'll be able to buy a Medigap Plan in your state and not be required to answer any health questions.
If I can assist you with your specific situation, please feel free to contact me.