Medigap healthcare “supplements” Original Medicare. Okay, we know that sounds like insurance mumbo jumbo. Don’t worry, we got you! By the end of this article, you’ll be able to explain to your friends exactly what Medigap healthcare is.
What is Medigap?
Medigap, also called Medicare Supplement, is additional insurance that you can purchase once you enroll in Medicare. It can pay some or all of the costs that Medicare passes on to its patients.
Most people think once they hit 65, they are 100% covered. This is not wholly true. While Original Medicare (Medicare Part A and B) does offer nationwide doctor coverage and pays toward your healthcare, it also can leave you large payments in the form of co-insurance and deductibles. Often Medicare requires patients pay 20% of the cost of procedures and visits. These costs that are passed on to you by Medicare are the “gaps” that Medigap helps address!
This is where Medigap kicks in. Medigap will cover some or all of your Original Medicare deductibles, and coinsurance helping you avoid paying out-of-pocket for doctor and hospital care.
Do I need Medigap healthcare?
While you may not “need” Medigap healthcare, you will likely WANT to enroll in a Medigap plan. The reason: Medigap can save you a lot of money on medical expenses even when you have Medicare!
We know what you might be thinking: I’m rarely sick. Remember being sick isn’t the only reason for hospitalization. Injuries are responsible for 29% (CDC) of senior ER visits. Unfortunately, many ER visits turn into hospitalizations. According to the CDC, 51% of seniors 65 and older (19.5 million) visit the ER each year, and 36% of those admitted to the hospital. And with each ER and Hospital visits can come expensive Medicare deductibles and co-insurance.
Check out the Pros and Cons of Medigap to learn if Medigap is right for you.
Is Medigap healthcare expensive?
Expensive is a relative term. While you do pay an extra monthly premium on top of your Medicare Part B monthly premium ($185) for Medigap, a Medigap plan you will likely save on your out-of-pocket costs. Plus, the good news is: Medigap plans are generally much less expensive than your previous individual health insurance. Click to see how much Medigap costs in your area.
Which Medigap healthcare plan should I buy?
Medigap Plan G is currently the most popular Medicare Supplement plan we sell and is worth considering. This Medigap plan covers all of Original Medicare’s out-of-pocket expenses, extends hospitalization days an extra 365 days, and offers foreign healthcare. See this chart that shows you how much you would pay for Medical services with (and without) a Medigap plan G plan.
With Medicare Supplement Plan G you will still have to pay the Medicare Part B deductible of $257 a maximum of one time a year. Even with this cost factored in, Medigap Plan G is a great way to save on expensive out-of-pocket costs!
Get a Medigap Quote Enroll in Medigap
Next Steps
If you’re ready to enroll in a Medigap plan or if you have questions, call Senior65.com at 800-930-7956.