As we get older, the need for healthcare typically increases. Medicare is a government-run healthcare program that provides coverage to those 65 and older, or to those under 65 with certain medical conditions. While Medicare does provide coverage for many healthcare needs, there are still gaps in coverage that may leave individuals with bills they cannot afford. The good news is that Medicare Supplement plans, also known as Medigap plans Learn More, can help cover those gaps. This article will explain the circumstances in which it may be beneficial to enroll in a Medicare Supplement plan.
01. You Need Help Paying for Out-of-Pocket Costs:
Medicare beneficiaries are responsible for copayments, deductibles, and coinsurance for many healthcare services. For example, Medicare Part A, which covers hospital stays and some types of skilled nursing facility care, requires a $1,484 deductible in 2021. Additionally, if a person is hospitalized for more than 60 days, coinsurance costs will apply. Medicare Supplement plans can help cover these out-of-pocket expenses, making healthcare costs more predictable and manageable.
02. You Want More Comprehensive Coverage:
Original Medicare, which includes Part A and Part B, does not cover all healthcare services. For example, it does not cover prescription drugs, routine vision and dental care, nor does it cover medical care when traveling overseas. Medicare Supplement plans can offer additional coverage beyond Original Medicare. Some Medigap plans come with benefits such as emergency medical care when traveling abroad, and coverage for routine vision and dental care.
03. You Have a Chronic Condition or Frequent Health Needs:
Individuals living with chronic conditions or frequent health needs may find themselves with higher healthcare costs. Medicare Supplement plans may help provide financial relief for those with multiple health needs. For example, if you need to see a specialist frequently, Medicare Part B only covers 80% of the costs, leaving you responsible for the remaining 20%. A Medigap plan can help cover that remaining 20% of costs.
04. You Are Concerned About Future Healthcare Costs:
As we mentioned earlier, healthcare costs can be unpredictable. Medicare Supplement plans can help provide some peace of mind and financial stability as you age. It is important to note that Medigap plans do come with a monthly premium but having predictable healthcare costs can be a preferable option over potentially high healthcare bills.
05. Open Enrollment Period:
Open Enrollment Period is an annual window that runs from October 15 through December 7. During that period, anyone who is enrolled in Medicare can enroll in a Medigap plan without underwriting or medical underwriting. After this period, insurance companies may require medical underwriting and coverage may be denied based on pre-existing conditions or for other reasons. It is important to take advantage of the Open Enrollment Period if you are thinking about enrolling in a Medicare Supplement plan.
Enrolling in a Medicare Supplement Plan can provide financial relief by helping cover out-of-pocket costs, providing more comprehensive coverage, and offering stability and predictability in healthcare costs. If you have a chronic condition or anticipate frequent healthcare needs, enrolling in a Medigap plan may be a wise decision. Those approaching Medicare eligibility age or entering the open enrollment period are encouraged to consider enrolling in a Medicare Supplement plan as a way to help cover additional healthcare costs.
