Should You Purchase a Medigap Plan? Ask No More!

by | August 1, 2017 | No comments yet

2 – Aug5 – Should You Purchase a Medigap Plan Ask No More – Blog

When it comes to retirement planning, should you purchase a Medigap Plan?

More often than not, buying this essential insurance policy will help fool-proof your plan from both financial and well-being issues that you may encounter during the twilight years.

With Medicare Supplemental Insurance Plans designed to address the gaps (out-of-pocket health care costs like copayments, coinsurance charges, and deductibles) in Original Medicare policies, individuals are assured that their different wealth and health aging problems will be tackled accordingly.

But we’re getting way ahead of ourselves – we’d like to share some awesome Medigap Plan information to help you decide on buying a policy (believe us, you’d definitely want one!).

Protection from the Deep Gaps

The gaps found in Original Medicare Plans, when not properly tackled, can exhaust anyone’s savings for the future. Here are some gap scenarios to further add up your knowledge on these plans.


For some, retiring is a reward best savored after decades of hard work and sacrifices. But considering the rising costs of health care and various retirement expenses, some may not have the opportunity to stop working.

And this is when more problems arise. Just one sickness may be all it takes to derail a retirement plan. Boomers who relied on a single source of revenue may find themselves in a pinch, with no other choice left but to try their luck to seek new ventures.

Although there is no problem to continue working way past 65 (there are even other companies who do their best to retain their boomer employees!), the risk of being exposed to disease and other conditions is high. Working, sadly, may mean more bills to pay for one to maintain good health – as ironic as it sounds!

As such, having a Medigap Plan is an excellent way to cover for potential diseases and the like – with the bonus of being able to save more money for the future.

For Women

Female boomers need all the help they can get when preparing for the future – a Medigap plan’s features can help any woman out there.

Women, in general, outlive men. The additional years will mean more money to pay for more support and care.

Also, gender pay gap is still practiced in some industries today. This is a sad reality, especially since some women lose out on potential retirement funds to spend.

Medicare Beneficiaries

Even current Medicare policyholders may find it hard to pay for the gaps. A Commonwealth Fund report last year revealed that 15 million beneficiaries spent 20% of their household income on insurance premiums and gaps.

The price for care, therefore, only worsens conditions for individuals with low income or those with chronic health conditions.

The Choice is Yours

Another key reason why you should purchase a Medicare Supplement Insurance Plan is the flexible solutions it offers.

With ten standardized Medigap plans to choose from, applicants now have the advantage to pick a plan that will answer their unique retirement circumstances.

As a snapshot, here are some of the plans that boomers can purchase:

Medicare Supplement Plan A

Offers basic coverage (Part A coinsurance, Part A hospital expenses, Part B coinsurance, Medicare preventive care coverage, blood coverage). All private insurance companies selling Medigap must offer a Medigap Plan A.

Medicare Supplement Plan B

Basic coverage and Part A hospital deductible.

Medicare Supplement Plan C

Plan A and Plan B coverage and more.

Medicare Supplement Plan D

Plan A and Plan B coverage and more (lesser then Plan C).

Medicare Supplement Plan F

Considered the most comprehensive plan  Medigap Plan Infographic


Medicare Supplement Plan G

Similar to Plan F, but does not come in a high-deductible format.

Medicare Supplement Plan K

Cost-sharing approach.

Medicare Supplement Plan L

Cost-sharing approach, slightly better benefits than Plan K.

Medicare Supplement Plan M

Basic coverage and more.

Medicare Supplement Plan N

Plan A and Plan B coverage and more.

For more details, please refer to the helpful  FreeMedSuppQuotes Medigap Plan  Infographic.

Buy a Supplement Plan During the OEP

Yes, buying a Medigap plan is an excellent way to approach the retirement years. But please purchase one during the Medicare Open Enrollment Period (OEP). A six-month period that begins the first day of the month an applicant turns 65 (and is enrolled in Medicare Part B too), the OEP allows no medical underwriting process to be done. This allows one to purchase a Supplement Plan even if he or she has health problems. Additionally, higher premium rates cannot be charged; start date of insurance coverage cannot be delayed.

For more information, please contact an insurance agent in your agent. Please try as well to contact different insurance companies to compare premiums and services.

We hope that the above reminders will help you and other readers to consider purchasing a Medigap policy – we all deserve a brighter and healthier future! Make sure to buy a Medicare Supplement Plan before it’s too late!

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