Medicare is great. Having this program in place means that seniors don’t have to worry about getting the basic healthcare that they need. But it’s also not a perfect program. If you’re getting ready to enroll, you might be thinking that you’ve paid into the pot your whole working life and now you can just sit back and enjoy the benefits, but it’s not that simple. “Basic care” is sometimes not enough, and Medicare Parts A and B are probably going to cost you more than you thought they would. There are gaps in Medicare coverage that can take you by surprise if you’re not prepared for them, but luckily, there is a cost-effective way to get more coverage for yourself: a Medicare Supplement Plan.
A few of the things that a Medicare Supplement Plan can help with include:
Preventive care coinsurance (Medicare Part B)
Medicare Part B copayment
Medicare Part B copayment
Blood (first 3 pints are free)
Skilled nursing facility care (SNF) coinsurance
coverage is exhausted
Part B excess charges
Part A and Part B Deductibles
Foreign travel emergencies
Medicare Part A coinsurance hospital costs after initial Medicare
How to Get a Medicare Supplement Plan
Having a Medicare Supplement Plan is pretty much a no-brainer, but it does require a little bit of research and planning on your part. There’s a simple solution to the research part: talk to one of My MedaHealth knowledgeable agents. There’s a lot to learn, so come to us with your questions, and to find out more about each plan and how to purchase them.
As for planning, you simply need to know when is the best time to enroll in a plan. You can technically purchase a plan at any time after you turn 65 and enroll in Medicare, but you should buy it during your 6-month Medigap Open Enrollment Period, which starts the month that you turn 65 and are enrolled in Medicare. This is your only chance to get a plan without having to undergo the medical underwriting process. If you purchase during this time, you cannot be denied coverage due to pre-existing conditions. If you purchase after this time, you could be turned down for a plan, or you could end up paying a lot more.
So, do you need a Medicare Supplement Plan? Well, you’re not required to have one, but given the gaps in Parts A and B and the benefits of these plans, it seems unwise not to. We know it can seem like a lot to sort through (10 plans?!), but try to look at the amount of options as just another advantage of Medicare Supplement Plans – you’re bound to find one that fits your budget and your needs. And you certainly don’t have to go it alone. My MedaHealth can break down all of your options and give you quotes on the best plans for you, so you can go back to enjoying your retirement, worry-free.
