Do you need Medigap insurance?
If you are 65, you will be entitled to Medicare Part A and Medicare Part B. This means also that you will be entitled to Medicare Supplement or Medigap insurance. Medicare Part A insures for your hospital treatment; however, you will still be responsible for things like part A deductibles. Medicare Part B insures it for doctor visits and medical exams. However, Medicare Part A and B only cover about 80% of total medical expenses. Medicare supplemental policies are designed to insure what Part A and Part B do not cover.
Medicare combined with the right integration policy is actually excellent insurance and often has better insurance than you had with your employer or family policy. In fact, with the right policy, you can be paid for any deductible, co insurance and co. Older people consider it easier to plan for a monthly payment because they don’t need to worry about the unexpected costs of treatment all through the year.
Currently, there are 11 different Medicare supplement policies. These policies have a different letter to identify each policy, such as Policy F, G and C. Older people often find it very confusing to discover which policy works best for them.
Generally, Medicare insures 80% and the recipient must take only the remaining twenty percent. The Medigap N supplemental insurance policy will be one of the many Medigap policies that cover these additional costs. In addition, policy N insures the annual deductible for part A.
That’s why it’s so important to find a great independent agent that specializes in Medicare supplemental insurance. A good agent can show you all the policies of the big insurance companies. You will also spend time analyzing what your current health benefits are and what the needs are with the policy that best suits your needs.
There are many benefits for a Medicare supplement policy like:
- No network: you can go to any hospital or doctor you want. If you accept Medicare, you will also accept the supplemental policy.
- The benefits will not change and you can keep the policy for life.
- Coverage in other states.
- Emergency insurance for international travel (available in some plans).
- Limit the high maximum costs burden.
Then, with a Medicare supplement, you can see more doctors and be confident that most, if not all, medical bills will be covered. You may not have dental and facial discounts and you need to buy Part D separately, but you can be assured that medical expenses are not responsible for the loss of your savings or your budget.
There is actually no reason to bother about the options of your Medicare. Locate a competent agent whose specialty is Medigap insurance and the professional will save you plenty of time and money. It is also important that you check your benefits with an expert every year or two to make sure you get the best cash insurance. Policies and prices frequently changes; hence, having a relationship with a specialist in Medicare supplements to turn to will be a big problem.