Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Original Medicare (Parts A & B) only cover about 80% of a senior's health care expenses, leaving the insured responsible for the other 20%. While 20% doesn't sound like a very big figure, it can add up to a nice big medical bill really fast. For example, if you had a procedure done that cost $10,000 and Medicare paid for 80% ($8,000), you would be responsible for the other $2,000 of the bill - how many people can just get out their checkbook and write a check for that amount? That number can be a lot higher too.
The idea of a Medicare Supplement plan (commonly referred to as a Medigap Plan) is to cover the gaps in coverage that Medicare doesn't pay for (e.g. that other 20%). You pay a monthly premium to get these gaps covered so you're not hit with large bills. The resulting major advantage is it allows a senior to create a much, much more predictable health care expense structure - and when you're on a fixed income, this is vital.
A plan F is the most comprehensive Medicare supplement plan available in the marketplace today - plans C, G, and N are very competitive as well.
The big reason to buy a Medigap plan is Medicare Part A & B does not cover everything by itself. The bigger reason is the 20% that isn't covered has no limit! I am not sure why anyone would want to leave themselves exposed to a limitless risk.
Medicare along with the right Medigap plan is great health insurance. The ability to see any doctor you want and to be able to control your out of pocket expenses for healthcare is important. Once you have a Medigap plan your benefits can't change as long as you have that plan.
Speak to an independent agent that specializes in Medigap plans and you will save a lot of time and money selecting the plan that meets your needs.
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The idea of a Medicare Supplement plan (commonly referred to as a Medigap Plan) is to cover the gaps in coverage that Medicare doesn't pay for (e.g. that other 20%). You pay a monthly premium to get these gaps covered so you're not hit with large bills. The resulting major advantage is it allows a senior to create a much, much more predictable health care expense structure - and when you're on a fixed income, this is vital.
A plan F is the most comprehensive Medicare supplement plan available in the marketplace today - plans C, G, and N are very competitive as well.
Medicare along with the right Medigap plan is great health insurance. The ability to see any doctor you want and to be able to control your out of pocket expenses for healthcare is important. Once you have a Medigap plan your benefits can't change as long as you have that plan.
Speak to an independent agent that specializes in Medigap plans and you will save a lot of time and money selecting the plan that meets your needs.