When you enroll in Original Medicare, you also have an opportunity to enroll in a Medigap plan without having to go through medical underwriting. A Medigap plan, sometimes called Medicare Supplement, is a private insurance policy that can help Medicare beneficiaries pay for some of the healthcare costs that Original Medicare doesn’t cover.
In this post, we’re going to answer a vital question that many people ask when they first become eligible for Medicare benefits: “should I join a Medigap plan?”
What are Medigap Plans?
Under Original Medicare, Medicare provides coverage for hospital and medical costs. However, there are still a lot of out-of-pocket costs that Medicare doesn’t cover. While you will need to pay a monthly premium for your Medigap plan to keep its coverage active, the premium is worth it as Medicare Supplement plans cover those extra costs not covered by Original Medicare, like receiving care while you travel outside of the U.S.
What Medicare Supplement Plans Cover
Medigap plans cover some of your out-of-pocket healthcare costs after Original Medicare has paid its share. Medicare Supplement policies can help cover the following:
- Medicare Part A and Part B coinsurance and hospital costs
- Medicare Part A hospice care coinsurance and copayment
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part B excess charges
- Foreign travel emergency services
- First three pints of blood for a transfusion
Medicare Supplement policies are standardized and are identified by 1 of 10 letters: A, B, C, D, F, G, K, L, M, and N. Each of these plans offers a different level of coverage for the services listed above. That’s why choosing the one that meets your needs the best is very important and why we will make sure you get the plan you need.
Should You Join a Medigap Plan?
Determining whether you should join a Medicare Supplement plan depends on the amount of risk you are ready to take with your healthcare. While Original Medicare covers a lot of expenses, it doesn’t cover everything. A serious sickness may cost you a significant amount of out-of-pocket expenses if you only have Original Medicare coverage.
Many Medicare beneficiaries find that Medicare Supplement coverage not only protects them from surprise medical bills but they also provide peace of mind about receiving quality and affordable care in the future. While Medicare Supplements are an extra expense to pay out-of-pocket, in the long run, it can help you determine your expenses more accurately and establish an upper limit on your costs.
Talk to an Experienced Agent
It is important to have a conversation with an experienced agent from the Eldridge Agency team so we can begin discussing your health and financial situation and if a Medicare Supplement plan is the right option for you.
We can walk you through your options, help you in weighing the benefits and downsides, and answer any questions you may have.
