Review your Medigap Policy

We should know, as we reach the age of 65, we can join and get Medicare insurance to meet our health concerns and needs. Medicare insurance only covers 80% of medical expenses such as doctor’s office visits, hospitalizations, medical tests and various equipment needed for your care now and in the future. The 20% not covered by Medicare is the responsibility of each person and that can grow to a considerable amount.  There are insurance   plans that can help with this extra expense and should be considered.

Insurance companies now carry Medicare Supplement Plans called Medigap plans. There are 12 Medigap supplemental insurance plans that can help with the additional expenses incurred. The plans are lettered   A-L with each covering a certain individual’s needs. An applicant will need to decide which plan is the best for them and pay the monthly premium.  Each plan has specific procedures it covers and should be looked at carefully to decide what one’s individual needs are going to be now and in the future. It is important to review the plans carefully from time to time to meet our changing circumstances.

Premiums for coverage will depend on the company chosen by the individual.  The plans are the same from company to company, but the premiums may be different. Looking at each plan carefully will help you decide which one will work for you.  There is another plan known as Medicare Select. This can be more affordable than the Medicare Supplement Plans 2018. The only caveat to these supplement plans is the limited access to certain doctors and procedures that may be needed by the individual. This should be reviewed carefully and a decision made accordingly.

Reaching the age of 65 is the time to join Medicare A and Medicare Part B. Premiums will increase as you get older and best to join at that time.  Most people living in the same area will pay the same premiums. It will vary according to the area you reside in. Also to note, that a person should get their Medigap supplement plan within six months of joining Medicare Part B. Joining beyond six months may increase the premiums and change the longer you wait. By waiting a few years, the increased expense of these premiums may be more difficult to pay.  It’s also important to remember that each January first Medicare’s benefits may change and the Medigap supplement plans will also change accordingly. You will be notified by your Medigap plan of any increases.  You should also review your plan to adjust for any additional health needs or concerns.