Medicare is a social medicine program facilitated by the U.S. government that provides insurance coverage mainly for Americans who are 65 years or older. This program ensures that millions of older Americans can afford the health insurance that they need to remain healthy, or receive treatment for common medical conditions that affect people as they grow older. While there are many benefits to Medicare, there are some limits to its coverage. For many people, a Medicare Supplement Plan, also called Medigap, is recommended. The top reasons for purchasing a Medigap policy include:
Protection From Excessive Medical Bills
In most cases, Medicare plans cover 80% of medical costs, but as anyone who has ever been in the hospital or had surgery, medical bills can escalate quickly, and 20% of a medical bill can end up being a large sum. When you have a Medicare Supplement Plan, it will cover a large percentage of what you owe after Medicare pays their portion, and many Medigap plans will cover the entire 20% that Medicare does not cover.
International Insurance Coverage
One of the greatest things about being retired is the opportunity to travel and see the world. While Medicare does not provide insurance coverage outside of the United States, most Medigap plans cover the majority of the medical bills that you may incur if you are injured or fall ill while traveling outside the country.
You Can't Be Denied During Open Enrollment
Medicare Supplement Plans are available for anyone who has Medicare; you cannot be denied coverage based on your health history, and Medigap insurance providers are not allowed to charge higher premiums due to your health condition. In addition to guaranteed acceptance, Medigap plans are guaranteed to be renewed as long as you pay your premiums. The insurance provider is prohibited from cancelling your policy due to health problems, and your policy will renew automatically every year.
You Can Visit Any Health Care Provider Who Accepts Medicare
Since Medigap is designed to supplement Medicare, your supplemental policy will provide coverage for any doctor or facility that accepts Medicare. This will make it easy to coordinate your healthcare with your current providers without having to worry about being in-network, or possibly seeing a doctor who does not accept Medigap insurance.
Variety of Plans
While Medicare is facilitated by the government, Medigap plans are sold by private insurance carriers, so there are a number of different plans available. This gives you the opportunity to select a plan that will work well with your Medicare policy, from places like Senior Care Insurance Services, that also meets your personal budget.