Medicare Supplement Plans – Three Reasons Why Seniors Need Them?

Posted by on May 14, 2019

Medicare supplement insurance or Medigap is a plan that pays for healthcare costs not covered by original Medicare. You can purchase these plans from private insurance providers. Medigap is specifically beneficial for seniors.

Here are three reasons why seniors need them.

1. Medical supplement insurance offers more coverage

As a senior, you may not be able to meet all of your healthcare cost needs with the help of your original Medicare plan. The government has standardized Medigap so that you get the same benefits from every provider in your area. For instance, Medicare Supplement plans Texas from all providers will offer you the same benefits.

Seniors are more at risk from medical emergencies. They may also require more prescription drugs for specific medical conditions. There is also the likelihood of overnight hospital stays or more. All these can cost a great deal. The original Medicare doesn’t pay for all the expenses. You will need to shell out a great deal on deductibles, copayments, and co-insurance. But if you have Medigap, you will be able to offset a lot of your healthcare costs without worrying about the expenses. Some Medigap plans even offer coverage if you need to travel outside the country. Your insurance advisor can guide you to the right medical supplement plan as per your own unique needs.

Your Medigap plan can offer you coverage for hospital costs even after you have utilized all the Medicare benefits. Depending on your plan, you can get coverage for hospice care and the first 3 pints of blood. Other may offer coverage for nursing facilities and travel emergencies.

2. Medical supplement insurance can cover expenses for pre-existing conditions

There are a lot of restrictions when it comes to buying insurance with a pre-existing condition. Such restrictions can especially be disadvantageous for seniors who are likely to suffer from a serious medical condition or more. Seniors with Medicare plans can opt for Medigap regardless of any pre-existing conditions. The specifics of it will depend on the plan. For instance, you may need to wait for a period of six months or so before your Medigap kicks in for a pre-existing condition and pay for your out-of-pocket expenses.

If you purchase Medigap during the open enrollment period, you will be able to get coverage regardless of your existing health condition. Any delay in the enrollment can mean that you can be denied coverage for a period of time. You might not even be able to buy the plan. Your insurance advisor can help you buy the medical supplement plan without any problem.

3. Medical supplement insurance can help offset expenses so that seniors can pay for essential services

The fact that Medigap pays for many healthcare costs not covered by Medicare can help seniors to save money on medical expenses. They can pay for essential services not covered by any insurance plan. For instance, original Medicare and even Medigap (in most instances) don’t provide coverage for essential services such as vision care, hearting tests, and dental.

But the money you get to save in terms of deductibles, co-insurance, and co-payments can help you afford medical care for services not covered by most insurance plans.

Important Considerations

Before you buy a Medicare Supplement plan, it can be helpful for you to discuss the details with an insurance advisor. You can contact a good insurance agency in your area to know more about how Medigap can help you with your specific health needs

There are 10 kinds of Medicare Supplement plans. But not all plans are available in all the states. Premium amounts and coverage levels of each of these plans differ. But these will remain the same for each plan even from all the companies offering it. There can be some differences or exclusions in the coverage provided for each plan in different states. If such is the case, your insurance advisor can help you by providing all the relevant details.
Medigap plans are also individual plans. You and your spouse will need to buy separate policies depending on your unique health needs.

If you purchase a Medigap plan after considering all the costs and coverage areas, it can really be beneficial for you.