Medigap Plans are needed because Medicare Part A & B alone will only cover up to about 80% of the costs of the your healthcare. Medigap Plans (or Medicare Supplement Plans) are designed to cover what Original Medicare Part A & B does not such as coinsurance and deductibles. Medicare along with a good Medigap Plan is great health insurance coverage.
Original Medicare (Part A and Part B) began in 1965 and was never designed to cover all of your costs when you go into the hospital or when you see your doctor. Medicare Supplements sometimes called Medigap plans, pay health care costs or fill in the gaps that Original Medicare does not cover like deductibles, co-insurance and co-payments for Medicare approved services. When faced with serious or chronic health problems you could end up with medical bills totaling thousands of dollars if you don’t have a Medicare Supplement.
Senior Commercial and Annuity Specialist, Freedom Brokers, Marion, Carbondale, Harrisburg IL
Medigap policies are not for everyone. Medigap, or Medicare supplement policies, cover many of the holes left behind by Medicare. Typically the medigap policies will have small deductibles and steady premium increases as you age (and the people of your age group's health needs increase)
An alternative to Medigap is Medicare Advantage. Medicare Advantage plans are becoming more popular. Not sold by all insurance salesmen, Medicare Advantage requires special training and certification by the agent, so if your agent does not have a Medicare Advantage plan available, find one who offers Medicare Advantage to give you a better comparison.
Medicare advantage policies are often less expensive than the Medigap policies, have additional benefits like Silver Sneakers and wellness coaching, on call nurse line and other benefits. The downside of some Medicare Advantage policies is that your potential out of pocket in a bad heath year, while capped, may be higher than the Medigap policy. Unless you have just moved, turned 65 or lost your employer coverage, Medicare Advantage can only be purchased between October 15th and December 7th as of last year.
Check out all your options before you make a decision.
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An alternative to Medigap is Medicare Advantage. Medicare Advantage plans are becoming more popular. Not sold by all insurance salesmen, Medicare Advantage requires special training and certification by the agent, so if your agent does not have a Medicare Advantage plan available, find one who offers Medicare Advantage to give you a better comparison.
Medicare advantage policies are often less expensive than the Medigap policies, have additional benefits like Silver Sneakers and wellness coaching, on call nurse line and other benefits. The downside of some Medicare Advantage policies is that your potential out of pocket in a bad heath year, while capped, may be higher than the Medigap policy. Unless you have just moved, turned 65 or lost your employer coverage, Medicare Advantage can only be purchased between October 15th and December 7th as of last year.
Check out all your options before you make a decision.