Is Getting Supplemental Medicare Insurance A Good Idea?

Medicare Parts A and B pay for many healthcare services for individuals over the age of 65, but they do not cover everything. For this reason, it might be a good idea to purchase a supplemental insurance policy.  Before you decide to get a Medigap or supplemental insurance policy, you want to get informed about how these plans can help you.

Medigap policies are sold to individuals by private insurance companies. These policies are designed to work with Medicare Parts A and B. Some of the expenses these plans cover are co-insurance payments and deductibles. Medigap policies vary, so it is important to find which ones work for your specific needs.

Medigap policies work with Medicare Parts A and B by supplementing the existing benefits. Medicare takes care of all payments first, and whatever is left over is either taken care of by your Medigap policy or you need to pay it out of your own pocket. Consider the costs of additional medical services needed as you grow older, and it makes sense to buy a Medigap policy.

Most Medigap supplemental policies do not cover dental care or vision care. However, there are some innovative insurance packages available. Ask your private insurer if they can suggest plans that do provide coverage in these areas.   If you are not currently working with an agent then you can get a set of online medicare supplement quotes from many top companies.

How do you get a Medigap policy? First, you must have Medicare Parts A and B. Your supplemental policy needs to be identified as a Medicare supplemental insurance policy. Only one individual is covered under a policy, so a married couple needs to obtain coverage for each person by getting two supplemental policies.

Compare policies carefully before making a final purchase on any Medigap supplemental insurance policy. You want to be sure it covers everything you are going to need from a supplemental plan. Go over all the details with your insurance professional before making a purchase.

About Michele

Michele Andrea Bowen has been a financial consultant for just shy of 22 years. Her client base ranges from individuals, to families, to small and medium sized businesses. Her expertise extends from daily money management, to insurance, to planning for retirement, as well as managing finances in retirement.

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