Medicare Supplemental Health Insurance Quotes Basics

A good day to everyone! We’re starting the month right by discussing supplemental health insurance for Medicare beneficiaries (specifically, requesting for quotes). And in line with what we’ve promoted last, particularly our previous post, 3 Reasons Why Health Literacy Matters, we hope that this retirement solution we’re sharing today will help more people secure the future they’ve always desired.

Minding the Gaps Will Matter

A Medicare Supplement (also known as Medigap) is an insurance plan that gives policyholders the peace of mind that their retirement finances are managed properly. In particular for medical bills, a Medigap policy will help pay for out-of-pocket costs (also called “gaps,” such as copayments, coinsurance fees, and deductibles) not covered by Original Medicare Plans.

And focusing on these gaps will definitely matter for one’s retirement. A recent study conducted by the Commonwealth Fund showed that a significant number of Medicare beneficiaries are paying a large amount of their income for these gaps. One-fourth of these beneficiaries (approximately 15 million people) spend 20% of their income on out-of-pocket medical bills and services – a drastic figure, considering that most baby boomers haven’t set aside funds for their retirement at all!

And these gaps can also be related to health literacy. As previously discussed, individuals with inadequate health literacy skills are more likely to spend on medical procedures and treatments (some even unnecessary!). Having a safety net such as Medigap to fall back into is an excellent way to secure funds for retirement.

As such, requesting a quote for Medicare Supplemental Health Insurance Policies is a sound idea to prepare for one’s future. Minding and covering the gaps are needed for one to have more money for the future!

Medicare Supplemental Essentials

Before requesting a know, have these tidbits of Medigap info handy:

Eligibility for a Plan

Medicare Supplemental Insurance Policies are available for individuals age 65 years and above. They must also be enrolled in an Original Medicare Plan (Part A and Part B). Additionally, enrolling in a plan when you are first eligible for it is highly suggested. This is because of the open enrollment period (OEP). This is a window of time that starts when your turn 65 (and lasts for six months). During this time, Medigap applicants can’t be charged higher premiums. Applications are also easier, with individuals not undergoing strict medical underwriting procedures.

The Different Types of Plans

There are ten Medigap standardized plans to choose from. This allows an individual to select a plan that will best address his or her unique needs and preferences. Regardless of the plan chosen, all Medicare Supplements provide basic coverage, such as:

  • Coverage for the first three pints of blood needed for a year
  • Coverage for Medicare Part A coinsurance charges
  • Coverage for Medicare Part A copayments (hospice care)
  • Coverage for Medicare Part B coinsurance charges or copayments

More About Coverage

Medigap plans deal with the gaps mentioned above. Some plans, however, do provide additional benefits, such as foreign travel coverage. Regardless of which plan, however, the following aren’t covered by Medicare Supplements:

  • Prescription Drugs
  • Vision Care or Treatment
  • Hearing Care or Treatment
  • Dental Care or Treatment
  • Long Term Care

Requesting for a Medigap Quote

Lastly, private insurance companies sell Medicare Supplemental Insurance plans. This means that applicants will not gain the advantage of searching and comparing prices among agents. The opportunity to select which agent to work with and the chance to learn new strategies on how to approach retirement planning is high!

Additionally, a free Medigap quote can be requested online. This allows applicants more time to first learn the basics (such as the information posted above) before searching for a quote. In terms for retirement planning and Medigap plans, seek help not only from insurance agents. Financial experts can be consulted, for you to see on how these policies can be integrated into your plans. Also, taking a proactive approach to seeking help from fellow boomers or other retirees will give you first-hand information on how beneficial Medicare Supplements are.

We hope that you’ll consider supplemental health insurance for Medicare. This just may be what you need for better golden years! Please leave a comment below if you have additional tips, suggestions, or even questions to ask!

by | June 2, 2017 | No Comments | Tags : medicare supplement insurance medigap retirement supplemental health insurance

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