In today’s economy it is important to have a sense of stability and security. Retirement years are certainly exciting, but can also seem intimidating if you are unaware of the potentially life changing options that are available to you when you consider your future. We at 1-800-MEDIGAP care about YOU! We strive to make your life better by providing you not only with incredible benefit options, but with invaluable information that we believe will help you tremendously. We want you to be fully informed when you are planning out your retirement and we believe that there are five types of products that you should consider when you are looking to secure your future. Each of these could play a vital role in your financial stability and/or health.
Why Choose Medicare Insurance?
Medicare provides millions of senior citizens with a wide range of health care services, and its role is absolutely crucial. Unfortunately, Medicare does NOT cover every potential medical expense and does not fulfill all of the financial or medical needs of many of our seniors. Our seniors must bear the weight of any expense that Medicare does not cover, and for many, this can lead to a tremendous amount of financial difficulty. At 1-800-MEDIGAP this is our specialty.
A Medicare Supplement Plan, or Medigap, is a type of medicare health insurance that is sold by private insurance companies and is specifically designed to help you by filling in the “gaps” of Original Medicare. In order to purchase a Medigap plan you must be enrolled in Medicare Part A and B, and you will continue to pay your monthly Part B premium. You would then pay your Medigap premium and as long as your premium gets paid you will have the benefit of guaranteed renewable coverage. What this means is that the insurance company cannot cancel your policy. There are several different plan types available to consider, but it is important to note that Medigap policies are “standardized.” This means that they are required to abide by the Federal and State laws that are put in place to protect you. The standardized policies must provide you with the same benefits no matter what company sells them and generally the only difference from company to company, if it is the same plan type, is the cost. Many couples would like to be covered under the same policy, but you and your spouse must each purchase your own individual policies. In some instances you might be allowed to purchase a Medicare Supplement plan that is guaranteed issue without any medical underwriting! This means that you cannot be denied coverage.
There are some wonderful benefits to Medicare Supplement Plans. Most Medigap plans are network free and the different plan types can range in the level of coverage and likewise in the out-of-pocket expenses and premium payments. One plan in Particular, the Plan F, has the most comprehensive coverage available. With this plan type, it virtually means that aside from your monthly premium, you would have ZERO additional out-of-pocket expenses! These plans are the most expensive, but many seniors take advantage of Medigap Plan F because they find it easier to budget a set monthly amount, knowing that no matter what happens that they will never have to pay more, than trying to account for all of the incidentals. Medigap plans are a great way to secure your financial future while also, more importantly, taking care of your physical health.
There are also Medicare-RX Prescription Drug Plans available to you that are separate, stand-alone plans, which are usually paired with a Medigap plan. It is our goal to find a Medicare Prescription drug plan that is going to cover as many of your prescriptions as possible while leaving you with the lowest possible overall out-of-pocket costs. We believe in customer satisfaction and have a genuine desire to see that you have a strong financial future and that you are able to receive the healthcare that you need. We would love to partner with you to make this a reality! Our agents will take an assessment of your needs and work with you to find the plan and coverage that is right for YOU!
One other type of medicare health insurance to consider is some type of rehabilitation and recovery insurance. Different companies have different names for these types of plan, but it is essentially insurance that would provide coverage during a temporary (specified) period of time during which you were confined to a nursing or assisted living facility. We have already established the high cost of medical care, and even should you never need long term residential care, a short stay for rest and rehabilitation can dramatically impact your finances. The cost to stay in a nursing facility isn’t cheap and if you are not Medicaid eligible and do not have adequate insurance coverage than you will have potentially staggering out-of-pocket costs. Purchasing a short-term disability/recovery plan will give you the security that you need in the event that you must ever spend some time as a resident in a skilled nursing or assisted living facility.
If you are not in a Medicare Insurance Open Enrollment or Guaranteed Issue Period, the application taken will be subject to underwriting. If you can answer “NO” to most of the medical questions asked, you will have a better chance in getting the application issued and receiving the coverage in which you applied for. Some private Insurance Companies will order a telephone interview with clients to further answer any medical questions that they may have special consideration for Medicare Insurance Disability clients.
The Individuals coming off of company benefits have unique qualifiers and timeline, so call for exact details or visit http://www.Medicare.gov for all the details not covered here.