As many Americans approach retirement age, they are left wondering what choices are available to them regarding Medicare coverage. With so many options and so much information regarding different plans and benefits, it is easy to get overwhelmed. If you are close to approaching Medicare eligibility, you might be wondering if you should get Medicare Supplement Coverage? You may also be wondering what the benefits and risks of purchasing Medicare Supplement Plans in 2021 are? At The Benefit Link, our licensed agents are here to help you discern if a Medigap plan is right for you. Below is a quick method to evaluate if you should enroll in a Medicare Supplement Insurance Plan.
Am I Eligible for Medigap? The first question to ask is if you are eligible for a Medigap policy. The best time to enroll in Medigap is during the six months starting the day you turn 65, also known as the “Open Enrollment” period. When you sign up during there is no medical underwriting. You must also be enrolled in Original Medicare (Medicare Parts A & B) to purchase a Medigap Plan.
Are my medical costs high? Medicare supplement coverage is recommended for individuals who make frequent doctor visits or require extensive medical care. Why? Original Medicare only covers 80% of the bill when you visit the doctor. The other 20%, including copayments and deductibles, are out-of-pocket expenses left to the patient. As we all know, medical care can cost thousands of dollars, so that 20% can add up. If you have any underlying health conditions that require frequent check-ups, it might be best to have the additional coverage to help cover the costs and protect your retirement savings. For example, Medicare Supplement Plan G covers inpatient hospital costs.
Do I travel often? Retirement provides the perfect opportunity to travel the world carefree. However, once you are older, access to medical care is essential, regardless of where you are. Unfortunately, Original Medicare does not provide coverage outside the United States at all. However, almost all supplement plans offer foreign coverage in 2021. For example, Medicare Supplement Plan G offers up to $50,000 in foreign travel emergency benefits while still having a low deductible.
So do you need a Medigap Plan?
If you answered yes to the majority of these questions, we recommend enrolling in a Medicare Supplement Insurance Plan. Of course, it is best to speak with a licensed agent to ask more specific questions related to your personal medical needs, coverage requirements, and budget. The Benefit Link specializes in the senior market and is happy to help you find the right plan for the best price.