What Medicare provides is a whole lot of coverage, but it also leaves you with significant financial exposure. To keep your retirement secure, you may need a separate policy for things Medicare isn’t good at covering. These other plans are known as Medicare Supplement Insurance or simply Medigap Plans.
Medicare Supplement insurance can handle just about all doctor bills that Medicare doesn’t cover. Medicare only pays 80 percent of a pre-approved amount for doctor services regardless of what your doctor bills you. Medigap Insurance can automatically pick up the remaining 20 percent of those charges. That’s how these plans became known as Medigap Plans by filling in the gaps in Medicare.
Medigap Plans have an open enrollment period that lasts only six months when you first become eligible for Medicare. It’s possible to find a later open-enrollment period, but you can’t count on it. Since you can be denied coverage due to health problems if you apply outside of open enrollment, it can be a very expensive mistake to miss the time when insurance companies are required to issue you a Medigap Plan.
Medicare Advantage Plans are another option, and they do accept almost all pre-existing health conditions. If you’d like to discuss your options in detail, our independent advisors can give you a confidential consultation free of charge. You can also join our live Medigap teleseminar by signing up here on our website.
Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.