Supplemental Medicare Plans

Advantages Of Supplemental Medicare Plans

Planning for retirement is a complex process, made even more complex with the uncertainties of Medicare. Neither Medicare Parts A nor B covers all of their health expenses of seniors; there are often large gaps in coverage. In fact, some doctors won’t even accept Medicare as payment in full for their services. Medigap insurance can help you bridge the gap, and make your health care decisions less complex. Here are some of the advantages of purchasing one of the ten supplemental Medicare plans, often referred to as Medigap insurance.

Arguably the most important benefit of purchasing Medigap is the ability to budget for healthcare expenses. Most seniors are on a fixed income. It can be extremely difficult to budget for unknown expenses two, three or ten years down the road. Even though you may be in good health now, your health will likely start to decline over the years. If you only have Medicare, you will be required to pay 20% of your healthcare expenses. A few simple doctor visits, lab tests and screenings can quickly add up to hundreds—if not thousands–of dollars; a hospital stay can easily cost you tens of thousands of dollars. It can be difficult to come up with money for unexpected expenses like these when you do not have Medigap. With certain supplemental Medicare plans, however, there are no financial surprises. You can budget according to the out-of-pocket expenses for that policy, which is typically between $1,200 and $2,500. Once you have met the limit, you will not be responsible for any additional expenses.

If you intend to spend your golden years traveling, there are also advantages to purchasing Medigap insurance. You are not limited to specific service areas or networks with any of the ten standardized supplemental Medicare plans when you travel domestically. You can visit any doctor or hospital in the United States that accepts Medicare, without worrying about referrals or pre-authorization. There are also advantages when it comes to international travel as well. Six of the ten plans offer benefits for 80 percent of emergency care outside of the United States during the first sixty days of each trip. This is not the case with original Medicare Parts A or B. Even with Medicare Advantage, foreign health care typically is not covered.

For more information on the coverage offered by supplemental Medicare plans, call the experts at 1-800-MEDIGAP. They can assess your unique situation and help you decide on the Medigap plan that will be most beneficial to you.