Independent Agent & Medicare Supplement Specialist, reMEDIGAP, USA
A Medigap Policy (Medicare Supplement insurance) offers great peace of mind when it comes to your health care.
Original Medicare Part A and Part B, generally cover 80% of your Medicare approved amounts for covered medical costs. Medigap Plans will help pay that remaining 20% by covering the costs of copays, coinsurance, and deductibles.
Some people think they don't need a Medigap Plan because they haven't had any health issues. While that is great news, we don't have a crystal ball to predict the future. A Medigap Plan that is already in place is there to offer that protection when you need it. If you wait until a significant health issue arises, it may be too late. Medicare Supplement insurance companies use medical underwriting to issue policies. If you're not in a Guaranteed Issue or Initial Enrollment situation, you will have to answer health questions. Medigap policies do not fall under the Affordable Care Act umbrella, so insurance companies can deny you a policy based on your health.
I'll close with an example of a lady who called me wanting to add a Medigap Plan to her Original Medicare Part A and Part B. She was diagnosed with breast cancer and had a mastectomy. As you can imagine, her hospital and doctor bills were substantial and she was looking for some help. I had to share the unfortunate news with her that because of her recent diagnosis she would not be able to apply for a Medigap policy at this time, but possibly in two years we could re-evaluate her situation. That's quite a bit of time for more bills to pile up.
Had she already put a Medigap Plan in place, her savings would be substantial. Just for example sake, a Medigap Plan F might cost someone $130 a month or $1,560 over twelve months. Still a lot lower than 20% of a $100,000 operation.
A couple of the most popular Medigap Plans are Plan F and Plan G.  Medigap Plan F will cover all Medicare approved amounts. You do not have to pay any deductibles, co-insurance, or co-pays. Plan G acts just like Plan F after you have met the small Part B deductible ($147 in 2014).
If you would like more information about the benefits of Medigap Plans, please feel free to contact me at 1-888-411-1329. You can also visit my website at www.remedigap.com and check out my client testimonials.
A Medicare Supplement or Medigap policy is one very important option for people on Medicare. The main job of a Medigap plan is to act as a stop-loss policy for standard Medicare A and B. For someone with only standard Medicare, there is no maximum out of pocket amount that you can spend on your medical treatment.
For instance, if you have a procedure that costs $250,000, you would owe $50,000. With a Medigap policy, that amount would be reduced and max out at a certain point.
Depending on your health, your finances, and how much of a loss you're willing to deal with, different Medigap policies (or Medicare Advantage policies) fit best for different people. Talk to a independent broker licensed in your state about your specific situation.
Quite simply because, as the product's name implies, there are meaningful gaps in what Medicare Part A & B cover. This comes as a surprise to many people as they approach the age for becoming eligible for Medicare, many assume they are arriving at the promised land of 100% coverage for their health care needs. Nothing could be further from the truth. Medicare was a creation of the early 1960's when the average life expectancy of an American was shorter and the state of the art in health care was just a couple of steps above a witch doctor in comparison to what we take for granted in 2014.
Going into all the possible areas of financial exposure a person covered only by Medicare Parts A & B is too lengthy to go into here and other respondents have addressed some examples that you can refer to. Suffice it to say, that unless you have a really big financial next egg you can draw upon in your golden years, a Medicare supplement policy is not a luxury it is almost certainly a necessity as you will eventually have health issues whose costs exceed the coverage limits of Medicare Parts A & B.
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Original Medicare Part A and Part B, generally cover 80% of your Medicare approved amounts for covered medical costs. Medigap Plans will help pay that remaining 20% by covering the costs of copays, coinsurance, and deductibles.
Some people think they don't need a Medigap Plan because they haven't had any health issues. While that is great news, we don't have a crystal ball to predict the future. A Medigap Plan that is already in place is there to offer that protection when you need it. If you wait until a significant health issue arises, it may be too late. Medicare Supplement insurance companies use medical underwriting to issue policies. If you're not in a Guaranteed Issue or Initial Enrollment situation, you will have to answer health questions. Medigap policies do not fall under the Affordable Care Act umbrella, so insurance companies can deny you a policy based on your health.
I'll close with an example of a lady who called me wanting to add a Medigap Plan to her Original Medicare Part A and Part B. She was diagnosed with breast cancer and had a mastectomy. As you can imagine, her hospital and doctor bills were substantial and she was looking for some help. I had to share the unfortunate news with her that because of her recent diagnosis she would not be able to apply for a Medigap policy at this time, but possibly in two years we could re-evaluate her situation. That's quite a bit of time for more bills to pile up.
Had she already put a Medigap Plan in place, her savings would be substantial. Just for example sake, a Medigap Plan F might cost someone $130 a month or $1,560 over twelve months. Still a lot lower than 20% of a $100,000 operation.
A couple of the most popular Medigap Plans are Plan F and Plan G.  Medigap Plan F will cover all Medicare approved amounts. You do not have to pay any deductibles, co-insurance, or co-pays. Plan G acts just like Plan F after you have met the small Part B deductible ($147 in 2014).
If you would like more information about the benefits of Medigap Plans, please feel free to contact me at 1-888-411-1329. You can also visit my website at www.remedigap.com and check out my client testimonials.
For instance, if you have a procedure that costs $250,000, you would owe $50,000. With a Medigap policy, that amount would be reduced and max out at a certain point.
Depending on your health, your finances, and how much of a loss you're willing to deal with, different Medigap policies (or Medicare Advantage policies) fit best for different people. Talk to a independent broker licensed in your state about your specific situation.
Going into all the possible areas of financial exposure a person covered only by Medicare Parts A & B is too lengthy to go into here and other respondents have addressed some examples that you can refer to. Suffice it to say, that unless you have a really big financial next egg you can draw upon in your golden years, a Medicare supplement policy is not a luxury it is almost certainly a necessity as you will eventually have health issues whose costs exceed the coverage limits of Medicare Parts A & B.