When you retire, you might initially believe Medicare alone will cover the bulk of your healthcare needs. You may assume you can go to any doctor or be admitted to any hospital where you live.
In fact, Medicare alone might be more restrictive than you previously imagined. However, you might make it work better for you when you supplement it with a reputable Medicare Advantage coverage plan.
Wider Network of Healthcare Providers
Medicare is designed to help older people and people with disabilities afford medical care. However, there are some things that aren't covered by traditional Medicare plans. Medigap insurance is a type of supplemental health insurance designed to make medical care more affordable for patients with Medicare. Here are some things that a Medigap insurance plan can pay for:
1. Copays
After insurance pays the cost of medical care, people still owe copays, which represent their portion of the responsibility for the bill.
Getting a health insurance plan for the first time can be quite foreboding. Insurance has a lot of jargon that can be near impossible for a beginner to understand. If you're lost and don't even know where to start differentiating between different health plans, here are some great places to start.
Premium
The insurance "premium" will be one of the most important pieces of information to look for. This will tell you the amount that you will need to pay for the insurance, often monthly or yearly.
Is a Medicare supplement (also known as Medigap) the right insurance plan for you? According to the U.S. Centers for Medicare and Medicaid Services (CMS), more than 63 million Americans have Medicare. If you're one of the millions enrolled in Parts A or B, take a look at dos and don'ts that can help you to decide whether a supplement will meet your healthcare coverage needs.
Do Consider Copays and Coinsurance
If you are someone with only original Medicare coverage (Parts A and B) you may wonder if that is enough coverage for all of your medical needs. If you are unsure about exactly how much coverage you need, it is wise to err on the side of being overcovered. You can get additional coverage by purchasing a Medicare supplement insurance plan, also called a Medigap plan. If you are not extremely familiar with Medicare supplement plans, there are a few things you may want to know before you sign on the dotted line.
