As you get older you are more likely to require therapy, treatments, surgery or medication that is not covered by traditional health insurance. A Medicare insurance plan will cover most expenses, but if you need something off-plan then you could be required to pay 20% of the expenses out of your own pocket.
Medical care can be very expensive, so even 20% of the cost of surgery or long-term care could add up to a lot of money. If you cannot pay, then you will not be able to get the treatment. If you take out a loan to pay for the treatment, then you will have to pay interest on the loan and could end up even more out of pocket. The good news is that there is a third option. Medicare supplemental insurance is designed to cover things that normal Medicare does not cater for, protecting you from expenses that you cannot afford during a period of ill health.
Medicare supplemental insurance is also known by the name of Medigap. Almost every well-known insurance company offers a Medigap plan. This plan is sold as an addition to your standard insurance and it is usually quite affordable – certainly more affordable than the alternative! If you are over the age of 65 then you should seriously consider taking out supplemental insurance.
There are several different kinds of Medigap plan. You should think about the kinds of ailments that you are at risk of, and make sure that you choose a plan that covers those. Flexibility and the freedom to choose is one of the best things about the Medigap plan. Choose the best by getting several medicare supplement quotes and most comprehensive insurance that you can afford.
Talk to your insurance broker to find out more about your options. If you have a spouse, add them to your Medigap plan too. Couple’s insurance is usually far less expensive than two separate plans. Check prices from several insurers online to make sure you get the best deal.