Are all of your needs covered by Medicare. For most people, the answer is a resounding no. Apart from prescription medications, which will be covered by a separate plan, Medicare entails a number of copayments, deductibles and coinsurance. Moreover, it won't keep you covered if you happen to travel overseas.
Medigap insurance is regulated and must be purchased from a company licensed to sell it in your state. It still does not cover vision, dental, private-duty nursing or long-term care - you need separate insurance for those. What it does do is even out your healthcare costs and keep them affordable and within the budget of a fixed income.
Once you have Medigap insurance, it cannot be taken away no matter what happens to your health - as long as you stay up-to-date on premiums you will continue to be covered at that rate. You cannot buy Medigap if you have a Medicare Medical Savings Account plan. Medigap only covers one person - you and your spouse will have to buy separate policies.
But Medigap does help fill in the gap between what Medicare covers and the actual costs of growing older. It helps make healthcare costs more predictable as you age. Some policies do cover travel outside the US, some do not - consider your lifestyle before making the choice of policy. A good broker will help you find the right one for you.
It is possible to enroll in Medigap just six months after having obtained Medicare eligibility, and you should begin working with a broker to review your options in policies shortly before you turn 64 so that you are already prepared for the application process when open enrollment occurs. If you miss open enrollment, you could miss out on Medigap or your might end up with a significantly higher rate.
People who are nearing the age of retirement should start looking at Medigap coverage - it can mean the difference between having the ability to access health care and not having it.
Medigap insurance is regulated and must be purchased from a company licensed to sell it in your state. It still does not cover vision, dental, private-duty nursing or long-term care - you need separate insurance for those. What it does do is even out your healthcare costs and keep them affordable and within the budget of a fixed income.
Once you have Medigap insurance, it cannot be taken away no matter what happens to your health - as long as you stay up-to-date on premiums you will continue to be covered at that rate. You cannot buy Medigap if you have a Medicare Medical Savings Account plan. Medigap only covers one person - you and your spouse will have to buy separate policies.
But Medigap does help fill in the gap between what Medicare covers and the actual costs of growing older. It helps make healthcare costs more predictable as you age. Some policies do cover travel outside the US, some do not - consider your lifestyle before making the choice of policy. A good broker will help you find the right one for you.
It is possible to enroll in Medigap just six months after having obtained Medicare eligibility, and you should begin working with a broker to review your options in policies shortly before you turn 64 so that you are already prepared for the application process when open enrollment occurs. If you miss open enrollment, you could miss out on Medigap or your might end up with a significantly higher rate.
People who are nearing the age of retirement should start looking at Medigap coverage - it can mean the difference between having the ability to access health care and not having it.
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