As I stated in a previous blog post, it is almost always necessary to supplement your Medicare benefits with a Medicare supplement plan. Medicare often has huge deductibles and copayments, both of which can end up costing you thousands of dollars each year in out-of-pocket medical expenses. More importantly, there is no stop-loss with Medicare, so you have unlimited exposure. You can easily eliminate this risk by purchasing Medigap insurance, which provides coverage for these gaps in your existing insurance and can end up saving you pocketfuls of money.
There are 10 standardized Medigap policies, each labeled by letter. Each lettered policy provides the same features as other policies of the same letter no matter which company is offering it; however, like regular insurance, the prices vary depending on the provider. Deciding which plans are best for you depends on your own unique circumstances. It is important that you choose the plan that provides the care you need, whenever you need it, wherever you need it.
Another option you’ll want to consider is the Medicare Advantage plan. This plan covers all of what Parts A and B cover, often the prescriptions Part D covers, and all of what you would normally pay for in Medicare deductibles and copayments. However, just like with Medicare supplement plans, you will have to do your homework and see what other areas you’ll need to be covered as well.
No matter what policy you’re on now, if you feel like you need better coverage, we can help. We can help you determine if making the switch from Medigap to an Advantage plan would be beneficial to you, or vice-versa. Read this article to learn more about the benefits of each: http://www.cbsnews.com/8301-505146_162-57583580/should-you-buy-a-medigap-or-medicare-advantage-plan/
If you feel like you want to make the switch, visit us at http://www.medigapadvisors.com/medicare-home-page-switching.htm.