Many people believe that their Medicare benefits will cover all of their health care expenses throughout retirement, but the truth is, when you’re on Medicare, the government will only pay about 80% of any hospital bills accrued, and even less if the bill is very large. If you should require serious hospitalization, that 20% you’d be responsible for could be through the roof. It is very risky to rely on just Medicare by itself. That is why we offer Medicare supplement plans as well as Medicare Advantage plans.
Medicare supplement plans cover what Medicare doesn’t, and puts a cap on your out-of-pocket expenses. If you opt for an Advantage plan, a private company will pay for everything that would typically be covered by your Medicare benefits; you will no longer be covered by the government at all. Advantage plans are a great option because they cover a lot more than what Medicare typically covers, so much so that you won’t need a supplement plan to cover additional costs.
When you’re retired – or close to retirement – you know that you need Medicare, but you aren’t sure how it works, and you’re scared that you’ll make the wrong decision. At MediGap Advisors, we stay busy during open enrollment from October 15 through December 7 every year. During this period, you are free to enroll in a Medicare Advantage plan, no questions asked.
If you receive disability benefits, you can also join a Medicare Advantage plan from three months before to three months after the 25th month of disability. If you’re turning 65, you can join from three months before to three months after your 65th birthday month.
The Annual Enrollment Period that ends December 7 is your one time during the year that you can sign up for or switch Medicare Advantage plans – so you don’t want to mess this up! To see how we can help you make the best decision for you, your health and your loved ones, visit our website.