Does Medicare cover all of your needs? The answer is generally no. Aside from prescription drugs, which are covered by a different plan, Medicare comes with a bunch of copayments, coinsurance and deductibles. It also does not cover you if you are traveling overseas.
Medigap insurance is regulated and must be purchased from a company licensed to sell it in your state. It still does not cover vision, dental, private-duty nursing or long-term care – you need separate insurance for those. What it does do is even out your healthcare costs and keep them affordable and within the budget of a fixed income.
After having obtained Medigap insurance, it is not possible for companies to take it away irrespective of changes in your health – so long as you remain current with your premiums you will retain coverage at the same rate. It is not possible to purchase this coverage if you own a Medicare Medical savings account. This coverage is only for one person and thus, spouses will have to buy individual Medigap plans.
Medigap effectively bridges the gap between what your health care actually costs and the amount paid by Medicare. This keeps the costs of health care predictable going forward. There are some plans that will pay for care outside of the country, but some won\’t – so you have to take your lifestyle into account when choosing a plan. This professional can point you in the direction of the best options.
You can enroll for Medigap within six months of first becoming eligible for Medicare; it\’s recommended that you contact a broker and start looking at policies a few months before your 64th birthday so you are ready to apply when the enrollment period opens. If you miss this period, you may not be able to get Medigap or may be charged a higher rate.
Medigap insurance is something that all people should consider as they near the retirement age – this can play a significant role in ensuring ongoing access to affordable health care.
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