All of us have to face the reality that sooner or later we have to prepare for possible failing health. Even after you have Medicare, it’s coverage is not complete enough to secure your future against expensive health care costs. Medicare contains “gaps” in coverage for both doctor and hospital expenses. By supplementing Medicare’s coverage, you can make your retirement more secure.
Having Medicare Supplement Insurance not only protects your assets and savings, but also gives you access to quality health care services because you won’t have out-of-pocket costs. For example, with Medicare Supplement Insurance plans (Medigap plans), you won’t to pick up 20 percent of doctor charges that Medicare doesn’t cover.
The situation is similar when you need hospital care. Medicare only provides coverage for 60 days after you have met the Part A deductible that’s over $1,000. If you have Medicare Supplement Insurance, though, you can get reimbursement for the deductible.
Keep in mind that there is an open enrollment period for Medigap policies, which could mean substantial savings if your health is not perfect. During this open enrollment, your right to purchase a Medigap plan is guaranteed regardless of any pre-existing health problems you may have. You cannot be charged higher than standard rates, either, during this open enrollment period. Here on our website, you can find information about Medicare Supplement Insurance Plans and Medicare Advantage Plans as well as when your open enrollment period starts and ends.