Medicare Supplement! With research showing that the average retirement life health care cost for couples retiring now has increased to $300,000, it’s only wise to plan for these expenses in advance. Health care costs a person incurs during their retirement life depend on multiple factors. What you pay from your pocket essentially comes down to the health insurance plan you choose.
When it comes to health insurance for retirees, Americans rely on Medicare. However, the tons of options within Medicare make it essential to compare different plans. You can choose the right coverage for yourself. This can help ensure both your medical and financial health during retirement life. At United Insurance, we aim to help make that process a little easier for you. As part of that effort, today we are going to talk about it. How a Medicare plan with 14.5 million enrollees.
It is a great option to get additional coverage. This is where Medicare gets really confusing for many people. Let’s dig into this Medicare insurance program to clear all the confusion. This will help you develop a clear understanding of the Medicare Supplement program. It’s not as difficult as you think!
What is Medicare Supplement?
Medicare supplement is a type of health insurance designed to cover the gaps in Medicare. This program that increased the out-of-pocket costs and can put a financial strain on many people. Hence the name Medigap.
These plans are provided by private insurance companies.
Medicare Supplement Builds Upon Original Medicare
One of the most common misconceptions about Medicare Supplement is that it is an alternative to Original Medicare. But, it’s not. Medigap will improve your coverage by covering the gaps from Medicare. Simply put, it works with Original Medicare and is not an alternative to it. You need to have Original Medicare, both Part A, and B, to enroll in a Medigap plan.
How Does a Medicare Supplement Plan Works with Original Medicare?
If you have both Original Medicare and a Medigap policy, Original Medicare will pay its share of health care costs, after which your Supplement policy will pay for things that the Original Medicare didn’t cover.
It’s important to remember that both Original Medicare and Supplement will only pay for approved services, so make sure to consider what your policies cover and what they don’t.
What Does Medicare Supplement Policies Cover?
The costs covered by Medicare Supplement primarily include co-pays, deductibles, and coinsurances. However, some Medigap plans also provide additional benefits (that do not come with Original Medicare), such as emergency health coverage during foreign travels.
Medigap plans only intend to fill the gaps in Original Medicare and not cover the costs associated with any other Medicare plan, such as Medicare Advantage or Medicare Prescription Drug plans.
Is There Anything That Medicare Supplement Doesn’t Cover?
Yes. Even though these plans are designed to provide you a more comprehensive health coverage and reduce your out-of-pocket costs, they do not cover all your health care costs. Typically, the expenses associated with long-term care, private nursing, vision, hearing, and dental care are not covered by Supplement policies.
How Many Types of Medicare Supplement Plans Are There?
This is where things get really confusing for many people. There are 10 different types of Supplement plans – A, B, C, D, F, G, K, L, M, and N.
Each of them has its unique set of benefits and limitations, which can make choosing the right plan a difficult task. The best way to go about it is to compare different Medigap plans. However, it’s also easier said than done. A Medicare Supplement expert can be very helpful at this point.
Get in Touch With a Medicare Supplement Expert to Find the Best Plan
Our Insurance agents not only know the pros and cons, benefits, and limitations of all Medigap policies, they also tend to work with multiple policy providers. They can help you find a plan that not only fulfills all your needs but is also within your budget. In other words, a Medigap agent can help you find a policy that offers the best of both worlds by improving your health coverage without putting too much financial strain on you. Just make sure to work with a reliable agent who maintains a neutral position and doesn’t force you into buying a particular Medigap policy or from a particular company.
If you’re looking for such an agent, United Insurance has got you covered. We take pride in giving our clients the most honest Medicare advice and helping them find the best health insurance plan according to their medical needs and budget. Direct all your Medicare Supplement-related queries to us and we’ll be glad to help resolve your concerns, clear your confusion, and find you the right Medigap policy.
