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Insure Your Health, Insure Your Future

Medical insurance can be expensive, which means buying it is not always fun. But think about what you get when you buy medical insurance. You don't just get more affordable access to your doctor. You're also more likely to remain in good health as you age. You're far less likely to have to empty your wallet for a medical emergency, too. What it all comes down to it is this: medical insurance is a good idea, even if it costs a bit more than you'd like. Read more about medical insurance here on this blog. We have all sorts of insights to share.



Insure Your Health, Insure Your Future

4 Important Things To Understand About Medigap Insurance

by Vincent Evans

As you get to retirement age, you need a method for taking care of your healthcare needs. The method for taking care of your healthcare needs during retirement in the United States is with Medicare, which provides for health insurance coverage once you are retired.  

Fill in the Health Coverage Gaps 

The truth is that Medicare doesn't cover all your health care needs. That is where Medigap comes into play; it is designed to fill in the gaps in what is referred to as Original Medicare but is often referred to as Part A and Part B, which covers hospitalization, physicians, and outpatient services. That still leaves you with other medical needs such as prescription medication, vision, hearing, and dental care that you need to be covered, as well as out-of-pocket costs associated with Original Medicare. 

Reduce Out of Pocket Expenses 

With original Medicare, there are many out-of-pocket expenses that one has to cover, from co-pays to co-insurance obligations. Covering all those out-of-pocket expenses in addition to your deductibles can be financially straining, especially when you are on a budget. With a Medigap plan, you will be able to cover the out-of-pocket expense with your Medigap coverage, working to reduce your medical expenses.  

Extra Long-Term Care 

Medicare provides some long-term care but not for extensive long-term care. There are limits to the number of days in a hospital, in a skilled nursing home, or on hospice that it will pay for.  

If you need additional days in a facility, that comes out of your pocket. That is where Medigap comes into play. It can provide for additional time in long-term care facilities such as hospitals, hospices, and skilled nursing homes. It can provide you with additional coverage so that if you need long-term care, you can get it without going broke. 

Provided Through Private Insurance Companies 

Medigap is not provided through the federal government like Medicare is. Instead, it is provided through private companies. However, these private companies do have to meet government rules and regulations with their coverage. That means that they have to meet a standard of care.  

Medigap is designed to help meet your other healthcare needs outside of what your Medicare coverage takes care of. If you think that you will need to have medical needs that are not covered by Medicare coverage, you are going to want to look into your Medigap options. Medigap is a great way to take care of your medical needs and protect your finances during your retirement years. 

For more information, contact an insurance company and ask about their Medigap plans.