Retirement, for most, is a carefree time. This is the time you spend catching up on all the activities that you couldn’t while working 6 days each week. A time to burn that cash that you were saving up since your early thirties. A time to relax and enjoy life. However, this is not the situation that everyone finds themselves in. For others, retirement life is all about doctors, hospitals, and medical equipment. For most people, old age brings with it the need for medication and specialized care. This tends to chip away at their savings bit by bit till they end up old, poor and still extremely sickly. This is why the government thought it wise to introduce medical insurance policies for the elderly.
One such policy is the Medicare Insurance policies that cater for most of your medical, hospital and specialized care needs. However, the policies are not comprehensive and may still require you to end up chipping in for other aspects of your care. Addition of one or two more supplementary plans is the best way to solve this problem.
Medicare Supplemental Insurance
Necessity is the mother of invention, and with the inability of Medicare to provide full medical coverage for the elderly, a situation arose that required the development of additional coverage policies. These Medicare Supplement Plans are commonly referred to as Medigap. They are plans sold by insurance companies under the mandate of the national government to help fill in the gaps left behind by Original Medicare Policies. For one to enjoy any Medigap policy, they are required by law and policy to first be the owners of a Medicare Part A or Medicare Part B policy.
Medicare Supplement Plans
Original Medicare Plans mainly come in 4 parts while Medigap consists of 12 parts. Each of these is tailor-made to meet different and specific healthcare needs of the elderly. Each plan comes with its own benefits and limitations. Your insurance broker should have a detailed list explaining each of these plans and should help you select the one that best meets your medical needs.
There are companies that are licensed by the government to issue this plans to senior citizens. Though regulated and monitored, they still get to determine the prices of the policies depending on the rules of the state. This results in a varying price of the policies from one location to the next. In spite of all this, the guidelines set for the policies ensure that the benefits enjoyed are the same all around and that no-one is shortchanged. Always make sure that you ask the broker selling you the policy all the questions that come to mind as combining policies can sometimes prove a tricky business.
Proper selection of a Medicare Supplement Plans 2019 will leave you incurring close to no charges for your medical expenses. It is good to always keep in mind the fact that Medigap plans don’t cover all your care requirements as you shop for a plan. As you look at what is included, don’t forget to pay attention to what is excluded as well.