The importance of Medigap
Save TONS of money on your doctor bills by spending more money? Sounds counterintuitive, but it’s possible and happens every day. You can achieve this by purchasing a Medicare Supplement insurance policy to save money on the high costs of health insurance.
What is Medicare Supplement Insurance (Medigap)?
A Medicare Supplement Insurance (Medigap) policy can help pay some of the health care costs that original medicare doesn’t cover, like co-payments, coinsurance, and deductibles.
Some Medigap policies also offer coverage for services that Original Medicare doesn’t cover, like medical care when you travel outside of the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the amount owed. Then, Medigap will pay its portion as well, leaving you to pay little to none.
Why is it Important?
The last thing you want to do is spend the money straight from your own pocket to cover extremely high expenses. It’s especially very common for people between the ages of 60 and 85 to find that they are faced with a new diagnosis. Out of pocket expenses for the diagnosis process of testing and additional visits to the doctor can total up to an extremely large bill for you. An extremely large bill won’t make you a happy camper. Having Medigap eliminates the pricey out of pocket fees.
Benefits of Medigap?
There are many benefits of Medigap. The main benefits are;
- Less out of pocket money
- Additional coverage for even more services
- Expenses paid by private company
- Better health security
5 Things to know about Medigap
- A Medigap policy only covers one person. Therefore, if you and your spouse both want a Medigap policy, you will have to get them separately, and not on the same plan.
- You can buy a Medigap policy from any insurance company that’s licensed in your state to sell them
- Any standardized Medigap policy is guaranteed renewable even if you have severe health problems. Your insurance company cannot cancel your Medigap plan so long as you pay the premium every month.
- It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account Plan.
- You MUST have Medicare part A and Medicare part B before you can get Medigap.
While Medigap may not be needed, it is definitely an option you should consider. Deductibles, coinsurance, and c0-payments add up very quickly. As we age, it is crucial that any health issues that come along doesn’t become a burden. Here at Bob Oetting & Associates, we understand this. We will take the time to make sure you understand your options. Call to schedule an appointment with one of our health experts at 217-345-7063.