So you’ve retired and finally have time to relax and enjoy life. But with age comes health issues, and with health issues come medical bills. Even with Medicare, those costs can really add up and put a dent in your nest egg. That’s why Medigap insurance coverage, also known as Medicare Supplement Insurance, is so important. It helps cover costs that traditional Medicare doesn’t, like copayments, coinsurance, and deductibles.
If you’re on Medicare and want to make the most of your retirement without worrying so much about money, Medigap is something you should seriously consider. Here are 8 key benefits of Medigap coverage all seniors should know about. With the right plan, you’ll have financial security and peace of mind knowing your health costs are covered. Freedom to enjoy life is priceless, but with Medigap, at least your medical bills can be.
Top 8 Benefits of Medigap Insurance
Medigap insurance, also known as Medicare Supplement insurance, is additional coverage you can purchase to help pay for out-of-pocket costs not covered by Original Medicare (Parts A and B). Medigap policies are sold by private insurance companies and help fill in the gaps in Medicare coverage.
There are 10 standardized Medigap plans, labeled A through D, F, G, and K through N. The coverage, benefits and premiums vary for each plan, so you’ll want to choose one that suits your needs and budget. Some of the key benefits Medigap offers include:
- Lower out-of-pocket costs. Plans help pay for deductibles, copayments, and coinsurance that come with Medicare. This can save you thousands per year in medical expenses.
- Protection from large medical bills. There are no annual or lifetime limits on coverage, so you’re protected financially in case of a major medical emergency or extended hospital stay.
- Travel coverage. Some plans provide coverage for emergency care you receive while traveling outside the U.S. This gives you peace of mind any time you leave the country.
- Choice of doctors and hospitals. You have the freedom to choose any doctor or hospital that accepts Medicare. Medigap coverage is accepted nationwide.
- Renewable coverage. As long as you pay the premiums, your Medigap policy will renew each year with the same benefits and cannot be cancelled due to health conditions. Rates may increase over time, but coverage remains guaranteed.
To get the most out of your Medigap policy, be sure to enroll during your Medigap open enrollment period which begins the first month you’re 65 and enrolled in Medicare Part B. Acting quickly helps ensure the best rates and coverage options for you.
Choosing the Right Medigap Plan for You
Medigap insurance, also known as Medicare Supplement insurance, offers many benefits for seniors. Here are the top 8:
Peace of Mind
With a Medigap plan, you can rest easy knowing your out-of-pocket costs are limited. No more worrying about expensive medical bills! Medigap covers Medicare deductibles, copays and coinsurance so you have predictable costs. Of course there are different plans such as plan G, which you can read more about here at boomerbenefits.com – plan g info, that provide different benefits so make sure you understand your needs before applying
Provider Choice
See any doctor or hospital that accepts Medicare. Medigap gives you maximum flexibility and choice in your healthcare.
Coverage While Traveling
Medigap provides coverage wherever you go in the U.S. So you can take that dream vacation without worrying about medical emergencies. Some plans even offer limited coverage overseas.
Prescription Drug Coverage
While Medigap itself does not cover prescription drugs, you can pair a Part D prescription drug plan with Medigap coverage for comprehensive benefits.
No Claims to File
Medigap insurance is easy to use since it’s accepted wherever Medicare is. No paperwork or advance approvals needed for covered services.
Guaranteed Renewable
As long as you pay the premiums, your Medigap policy is guaranteed renewable and can’t be cancelled due to health conditions.
No Waiting Periods or Pre-Existing Condition Exclusions
There are no waiting periods, medical exams or pre-existing condition exclusions with Medigap plans. You get coverage right away.
Additional Benefits (depending on plan)
Some Medigap plans cover extras like medical care when traveling abroad, excess charges above Medicare-approved amounts, and more. Check with plans for details.
With all these benefits, Medigap insurance gives seniors valuable protection, security and healthcare choice. Explore the plans available in your state to find the right coverage for your needs.
