Most of us usually require more medical services for things such as checkups, diagnostic testing, prescription coverage, and etcetera as we become older.
However, Medicare does not pay all the costs associated with your medical care. Which means that you will be responsible for a portion of medical expenses such as physician services, inpatient and outpatient surgical, medical services and supplies, and diagnostic testing. A Medicare Supplement can help you offset these expenses and lower your out-pocket expenses.
With your Original Medicare plans, you will be responsible for 20% of your medical expenses in addition to excess charges by doctor. If you’re facing a lot of medical or expensive testing. Imagine paying $20,000 in medical expenses from a $100,000 medical bill. This could be devastating and possibly wipe out your retirement savings.
What is a Medicare Supplement Plan?
A Medicare Supplement insurance plan helps cover the gaps in coverage that are left unpaid after Original Medicare pays its portion of your health care expenses. For this reason, these plans are often referred to as Medigap plans.
Medicare Supplement policies are standardized into ten plans labeled A through L, each with its own set of benefits.
Medicare Supplement policies are sold by private insurance companies. While the costs of these policies may vary, individual insurance companies must provide the same standardized benefits as outlined by law. In order to purchase a policy, in general you must be enrolled in Medicare Part A and Part B.
Who qualifies for Medicare Supplement Insurance (Medigap)?
Only those currently enrolling or already enrolled in Medicare A and B can purchase Medicare Supplement Insurance. Anyone turning 65 should enroll during the six-month period as known as open enrollment immediately following there enrollment in Medicare B. Any delay in enrollment may result in coverage being denied if your are not in good health.
Request a Medicare supplement quote to find out much we can save you annually on your Medicare supplement Insurance.