| Finding a balance between your health and finances is one of life’s biggest challenges. A lot of money can be spent on original Medicare. However, obtaining a Medicare supplemental insurance plan or Medigap can reduce out-of-pocket expenses. What Are Medical Supplement Plans? Beneficiaries of Original Medicare are still responsible for paying the associated out-of-pocket costs. Medicare Supplement Insurance, commonly called Medigap, fills the gaps in Original Medicare. Medicare Supplement plans cover some expenses that Original Medicare does not cover, such as: Copayments Coinsurance Deductibles What Does It Cover? Except for medical care abroad, your Medicare Supplement plan will typically only cover what Original Medicare does. Plan options vary, but they may cover the 20% coinsurance you’re responsible for on medical expenses and the Part A hospital and Part B deductible. However, Medicare will not cover procedures that are considered experimental or cosmetic. It’s also possible that these policies won’t cover long-term care. Requirements Medicare Parts A and B membership is a prerequisite for Medicare Supplement coverage. After you qualify for Medicare, you can purchase a Medicare Supplement plan. During the first six months after signing up for Medicare, you can buy Medicare Supplement plans regardless of your health or conditions. All insurance companies are obligated to approve your application in this time frame. Why You Should Get One Choosing a Medicare Supplement plan may seem counterintuitive because they are not the cheapest option. Here are some reasons why you should consider having one:Coverage is available anywhere within the country. You can get medical care in any state if you find a provider who accepts Original Medicare. Most costs are easy to estimate, and most plans are the same for everyone. Once you pick your benefits package, you’ll know how much you’ll have to pay. A Medicare Supplement plan is “guaranteed renewable” if you maintain continuous coverage by paying your monthly premium. A Medicare Supplement Plan is your best choice for reducing costs if you have one or more chronic health conditions and are worried about them. Conclusion Finding a balance between your health and finances is one of life’s biggest challenges. One way to lower these costs is to enroll in a Medicare supplemental insurance plan. Here at Lapeira & Associates LLC, we do everything we can to get the insurance that meets their needs without breaking the bank. We will go the extra mile to help you with your needs. To learn more about how we can help you, please get in touch with our agency at (855) 963-6900 or Click Here to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help! |
