Because Medicare does not fully cover a person’s medical costs, many seniors make the wise choice to seek Medigap coverage to fill the gaps. With Medigap coverage, a person will experience fewer out-of-pocket expenses and much less stress. Those who are 65 years or older are able to purchase this type of coverage. Research is key to being able to find the right plan for a senior’s needs.
What Should Seniors Know?
It is important for seniors to learn as much as they possibly can about their options for purchasing Medigap supplement plans. The more a person knows, the better equipped they will be to be able to make the right purchase for their needs.
Medicare only covers around 80% of the medical costs of seniors, and they must meet a deductible before any payments are made. Having to pay so much money out-of-pocket can place a senior under great deals of stress, especially when they are on a fixed income. The following are some helpful facts regarding Medigap plans.
- Medigap policies can be purchased from any insurance company that is licensed in the state a person resides in.
- A senior must have Medicare Part A and Part B to qualify for purchasing a Medigap plan.
- The premium that is due for a Medigap policy is paid in addition to the premium for Medicare.
- Medigap policies only cover one person so spouses will need to purchase their own policies for coverage.
- Unfortunately, Medigap policies do not cover prescription drugs.
- There are exclusions for coverage with Medigap policies so it is important for individuals to check their options.
Get Help Today
Many seniors find it confusing to choose a Medigap policy to meet their needs. There are several types of coverage, and every insurance company can offer the same level of protection. Meeting with an insurance agent can help a person sort through all of the information and make sense of it so they will be able to make the right decision. If you are in need of help with purchasing your Medigap coverage, call today so you can schedule an appointment to get started.…