Even those of us in good health may need to deal with health problems as we age and in today’s economy, that can wreak havoc on a fixed income. Why not see how a Medicare Supplement Insurance Plan or a Medigap Plan can take the worry out of unexpected medical bills?
For bills from doctors and other providers except hospitals, Medicare pays 80 percent of a pre-approved amount regardless of what your bill says. You can use Medicare Supplement Insurance to pick up the remaining 20 percent of the charges so you’ll have no out-of-pocket costs, though. That is how these supplement plans became known as Medigap Plans -they fill in the gaps of Medicare.
What if you need to see a specialist who doesn’t accept Medicare’s pre-approved amount? Let’s say that Medicare pays $100 for a procedure that your doctor charges $200 to perform. Medicare covers $80 and your Medigap Plan covers $20 of the total $200 bill. That still leaves you to pay $100, unless you have Medigap Plan F or Plan G. Plan F would pay that additional $100 so you would pay absolutely nothing. Plan G would pay 80 percent of the excess or $80 and you would only have to pay $20 for a $200 procedure.
When you do the math, it’s easy to see how valuable Medicare Supplement Insurance can be. Take a few minutes to look at the resources here on our site to see what each of the 10 different kinds of Medigap Insurance provide. If you’d like to discuss your options in detail, our licensed agents are experts in the field and can give a confidential consultation free of charge.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.