Independent Agent & Medicare Supplement Specialist, reMEDIGAP, USA
If you would like to have peace of mind knowing that the remaining 20% of Medicare approved charges will be covered by insurance (instead of your bank account), then Medigap insurance is absolutely worth it.
Medicare Beneficiaries with Original Medicare Part A and Part B leave themselves vulnerable to the 'gaps' that Medicare does not cover (co-insurance, co-pays and deductibles). This can add up quickly. For example, a $5,000 procedure would leave you with a bill for $1,000 (20% co-insurance). A $20,000 procedure would bill you for $4,000 (20% co-insurance). You see where this is going....$50,000 operation means you're stuck with a $10,000 hospital bill.
Not to mention -- if you have a chronic illness, twenty-percent co-insurance can put a huge burden on your budget. I have spoken to Medicare Beneficiaries who are paying the 20% co-insurance. Some don't mind because they haven't had any health issues, but others do have health issues and didn't realize they couldn't get a Medigap Plan once they were sick. Meaning, you are not always guaranteed a Medigap Plan whenever you want to buy one. If you are not in your initial Open Enrollment Period or another Guaranteed Issue Situation, you'll have to qualify medically.
If I can assist you with your personal situation, please feel free to contact me.
Medigap Insurance is definitely worth it. When you were working you took out health insurance through your employer hoping you would not have to use it. You have health insurance not to take care of the occasional doctor visit but to protect yourself financially if you should be diagnosed with a serious health condition or involved in a serious accident. Medicare Supplements protect you from the high out-of-pocket cost associated with treating serious and chronic health conditions. As you get older the chances of developing serious and chronic health conditions become much greater. Medicare only covers 80% of your Part B medical expenses and the 20% you have to pay if you don't have a Medicare Supplement can leave you owing thousands of dollars in medical bills.
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Medicare Beneficiaries with Original Medicare Part A and Part B leave themselves vulnerable to the 'gaps' that Medicare does not cover (co-insurance, co-pays and deductibles). This can add up quickly. For example, a $5,000 procedure would leave you with a bill for $1,000 (20% co-insurance). A $20,000 procedure would bill you for $4,000 (20% co-insurance). You see where this is going....$50,000 operation means you're stuck with a $10,000 hospital bill.
Not to mention -- if you have a chronic illness, twenty-percent co-insurance can put a huge burden on your budget. I have spoken to Medicare Beneficiaries who are paying the 20% co-insurance. Some don't mind because they haven't had any health issues, but others do have health issues and didn't realize they couldn't get a Medigap Plan once they were sick. Meaning, you are not always guaranteed a Medigap Plan whenever you want to buy one. If you are not in your initial Open Enrollment Period or another Guaranteed Issue Situation, you'll have to qualify medically.
If I can assist you with your personal situation, please feel free to contact me.