We all tend to require more care for our health needs the older we become, and it also tends to become more expensive. Our very lives may depend on the quality and the extent of how we are able to pay for this care, and this is where Medicare Supplement coverage comes in. Medicare Supplement, also called Medigap coverage will pick up all of the costs in conjunction with Medicare.
Medicare itself only covers 80% or less of the medical bills on the average, and Medicare Supplement policies can pick up the rest. This gives a policyholder a great sense of security in knowing that the bulk of his or her medical bills will be covered. Medicare Supplement policies are only available to people who are age 65 or older and to people who are permanently disabled if they are under age 65.
The Medicare Supplement policies themselves are fairly inexpensive because they only have to pick up the difference in what Medicare doesn’t pay and the total bill. Since there are ten plans with varying amounts of coverage, this enables most people to fit the policy into their budget. To help with understanding one person might find that Medigap plan N is a better match for their budget even though there is slightly less coverage than plan C.
The policy can be purchased without worrying about medical conditions that would fall into a pre-existing category. They can apply for a policy as early as 3 months before they turn 65 and the pre-existing clause doesn’t apply, as well as 3 months after their birthday. If a new policy is desired down the road, then medical requirements will be required for underwriting.
A Medigap, or a Medicare Supplement plan, as these plans are also called, are available from a variety of different companies, so you should contact a health insurance agent in order to get price comparisons. If both husband and wife applies, there is usually a family discount applied which helps out on the cost of the premium. You will be glad you purchased such a plan, as it will save you lots of money on doctor and hospital claims in the future.Read More