Many of those attaining retirement age are beginning to worry about enrolling in a Medigap plan or not, to supplement their Medicare coverage. The answer is an emphatic yes, of course you should enroll.
Signing up for Medigap is important in many ways, but the key benefit is that you can protect yourself from a financial disaster in the event of a long illness or severe accident.
For those who do not know Medigap plan, let me briefly explain what that is and what it does for the policyholder.
A Medigap enrollment plan is a health insurance policy sold by private companies to supplement the benefits and services of Medicare. Though it is sold by private companies, it is tightly regulated by both the state and local governments to ensure that the best 2020 Medicare supplement plan participants have the opportunity to be covered if they so wish. It’s called Medigap because it has the job of taking over the “gap” between the cost of medical bills and what Medicare actually pays for those costs.
There are a number of Medicare plans you can take, but regardless of which one you choose, it does not cover all hospital, pharmaceutical, and medical expenses if you have a medical emergency. If you did not attend the Medigap enrollment, you might be exposed to a financial disaster.
As we all know, medical costs have been escalating for several years and will continue to do so. A major medical problem involving a long stay in the hospital cost about $ 110,000 or more. Even if your Medicare policy covers 80% of these costs, you would still be personally responsible for $ 20,000 or more in medical bills. If you are not a wealthy person, some of these episodes could totally erase your savings at a time when you need it most.
One of the best things about a Medigap plan is that you can enroll in any plan of your choice at the age of 65 without medical inquiries. This option only lasts for a period of three months prior to your 65th birthday, to three months after your 65th birthday. This means that you need to participate in a Medigap enrollment plan during this period. You might end up paying more for the same policy If you wait until this window of opportunity is closed.
One thing to watch out for is that a Medigap policy covers only one individual; A spouse is not included and should have their own individual policy.
After you make sure your provider works with Medicare, your next question should be whether they accept Medicare Assignment or not. This is a term that describes the price per service that Medicare is willing to pay. For example, if Medicare pays $ 1,200 for a particular operation, if the physician accepts Medicare Assignment, he will accept that amount as payment for the operation. Doctors working with Medicare may claim 15% more than the approved amount ($ 1,200), which means they will not accept Medicare Assignment even though they work with Medicare.