When your Medicare coverage doesn’t extend to a certain situation, then your Medigap coverage can help protect your savings account. Paying a monthly premium to avoid the high costs of emergency hospital visits is definitely worth every penny paid. Sure, you will have a predictable monthly premium for a Medigap Plan, but you won’t be caught off guard by unexpected and high medical bills that don’t fit into your budget.
Medicare Supplement Insurance does just what it says: it adds benefits to make your coverage complete. For example, if you need a doctor who charges more than Medicare’s pre-determined rate, you’ll be stuck paying for the difference without a Medigap Plan to cover those excess charges.
With a range of choices available among Medigap policies, it’s easy to fit a plan to your situation. You can get everything from comprehensive to marginal coverage. To keep the benefits options clearly distinguishable, Medigap Plans are labeled by letter. Plan A offers the least coverage and, right now, Plan F has the most comprehensive. The Medigap Plans do change from year to year. There’s also a Plan G that provides almost as much coverage as Medigap Plan F and it does so for a lower monthly premium.
Is Medigap more important now? In an uncertain economy compounded by debate over the future of Medicare, maybe it’s worthwhile to cover as much of your medical expense with insurance as possible. It’s going to depend on your individual situation, but if plan premiums are less than your out-of-pocket medical costs, a Medigap Plan could save you money. You can learn more about these plans here on our website. If you’d like a second opinion on your options, we offer free, private consultations. Our friendly experts can answer your questions and take the confusion out of Medicare coverage options.