As you settle into your comfortable days of retirement you may find yourself spending more than you initially planned, especially when it comes to healthcare services. Your original Medicare plan, whether Medicare Part A or Medicare Part B plans, may have sounded better on paper than now you’re actually using them. How can you cover the copayments, coinsurance and deductibles that keep piling up in your new life?
Thankfully the government has partnered with private insurance companies to offer Medicare Insurance Supplement plans or Medigap. Private insurance companies offer ten options from A to N that can cover those additional expenses not included in Medicare, such as hospital costs, Medicare Part A or Medicare Part B coinsurance or copayments, blood drawings, nursing facilities coinsurance, excess charges an even foreign emergency travel. Different Medicare insurance plans cover different expenses as you choose and the doctor network may vary between insurance companies.
What Medigap does not cover are services that you could receive through a Medicare Advantage plan, such as long-term care, vision, dental and hearing services. If you would like to receive these benefits then you might prefer to skip the original Medicare plans and Medigap and choose instead a Medicare Advantage plan through private insurance. Ultimately, you have the power to choose.
Medicare, whether government or privately funded, is your right. You’ve come this far and you deserve it. Contact your local Medicare insurance agency to learn more about each plan and to select one that best fits your needs.