If you will soon become a Medicare beneficiary, probably you are contemplating what option you should take. Among those options is the Medigap insurance plan. Medigap covers the gaps of Original Medicare. It pays all or part of your healthcare bill that Medicare did not cover. It includes, but are not limited to, deductibles, copayments or coinsurance.
So, before confusion paralyzes you to make a sound decision, let me help you realize why you Medigap insurance plan is for you.
Here are some reasons that you should have to choose this kind of option:
A sizable amount of health care expenses.
Let's get real about this. Medicare, alone is not enough if you are someone who requires an extensive amount of medical services. Though Original Medicare can cover up to 80% of your bill, the remaining out-of-pocket costs can add up and heavy to handle later on.
If you have a Medigap insurance plan, on the other hand, you'll have a protection from the debilitating out-of-pocket healthcare expenses. Medigap will cover all or part of the remaining Medicare-approved expenses making your load lighter.
You frequently travel out of the country
Traveling to other countries is a common bucket list item. If you are among the exploring kind of senior, you may want to have a health coverage that travels with you. Medicare does not cover health care outside the US, which may leave you vulnerable to unexpected medical expenses.
Medigap can travel you and provide you coverage as much as it provides you protection in your home country.
Frequent doctor’s visit
The amount of copayment that you need to shoulder every time you visit your doctor could add-up and hurt your pocket. You'll pay for the 20% of all Medicare-approved amount for most doctor services, which in time can get expensive and again, heavy to handle. So, if you visit your doctor multiple times a week or even for a month, think how much 20% you’ll need to pay.
If you have a Medigap plan, the amount that you’ll save from paying the out of pocket costs can be made to afford another valuable type of insurance.
Pre-existing condition
If you acquired certain medical conditions prior to enrolling to Medicare, then you have pre-existing conditions. A pre-existing condition is one of the reasons why a person can be rejected by an insurance company to obtaining a certain type of health insurance.
Your application to enroll in any Medigap plan is guaranteed provided that you do it at the right time. The right time to buy a Medicare supplement is during your open enrollment period, which is the 6 months period when you turn 65 and have obtained Medicare part B.
During your open enrollment period, insurance providers can’t reject your application or charge you much higher premiums because of your pre-existing conditions.
Guaranteed renewable
Despite having pre-existing conditions, your Medicare supplemental insurance is guaranteed renewable every year, as long as you pay your premiums diligently. Your plan will automatically renew every year, and your insurance provider can’t cancel your policy as long as you are paying your monthly premium.
There are many reasons why you should consider choosing Medigap. I just gave you some of them. Still, choosing a Medicare option is highly personal. It should be based on you your needs not on what is popular or what is working great for your friends. Choosing a Medigap as an insurance to supplement your Medicare is a major decision, so think and choose carefully.