What Medigap Plans Mean For Financial Security
Do you have enough savings to see you through your retirement years? Can you predict what you’ll end up spending for health care with Medicare alone? You will have to estimate what 20 percent of your doctor bills will be for diagnostic procedures and treatment even if your doctor accepts Medicare’s set rates. If your health deteriorates, that could leave you with big medical bills.
Having to enter the hospital puts you at greater financial risk. Do you know what deductible amount Medicare makes to reach before it will pay for hospitalization? One way to increase your financial security is by supplementing Medicare. If you’re new to Medicare, you have a lot of choices, such as Medicare Supplement Insurance (commonly called Medigap), Medicare Advantage plans, and Prescription Drug plans.
Does that sound like too many choices? Here’s the difference. Medigap Plans complement Medicare to fill coverage gaps, such as deductibles, co-pays and co-insurance. It is much easier to plan your finances when your monthly expenses are predictable and that is part of the security a Medicare Supplement Insurance plan can provide.
Medicare Advantage plans can be used to replace Medicare Part A and Part B, while usually offering Prescription Drug coverage as well. To see how premiums for different options compare, use our instant quotes. And, you can click Supplemental Plans, Advantage Plans or Part D Rx here on our site to read all about the benefits of each type of Medicare plan. We’ll also be glad to answer your questions at a time that’s convenient for you.