As you get older, you will need to renew the focus you have on health. Getting the medical care you need to stay happy and healthy can be expensive without insurance. Instead of trying to cover the cost of this care without insurance, you need to consider investing in a Medicare policy. Nearly 15% of the population in America uses Medicare.
While traditional Medicare does cover a number of things, there are some out of pocket costs. If you want to reduce the amount you have to pay out of pocket, then a Medigap policy is a must. These policies are both affordable and offer great coverage. Most people will choose either the Medicare Supplement Plan F, Plan G or Plan N. The following is information about all of these policies so you can decide which one is the best fit for your needs.
Medigap Plan F
The main idea behind the development of Medigap Plan F was to help individuals cover the cost of things that original Medicare doesn’t. On average, 25% of the people who have original Medicare also have a supplement plan. There are a number of pros and cons associated with Medigap Plan F.
The Pros of Medigap Plan F
If you invest in Medigap Plan F, you can take advantage of things like:
- The ability to visit any healthcare provided that accepts Medicare
- This plan sometimes covers the medical expenses incurred during foreign travel
- You can buy any policy during open enrollment regardless of your current health
- These plays are guaranteed renewable annually
The Cons of Medigap Plan F
While there are a number of benefits associated with this policy, there are also cons like:
- It is difficult to switch to a new Medigap plan
- Higher monthly premiums
- No coverage for dental or vision
- No prescription drug coverage
Medigap Plan G
Since Medigap Plan F is set to expire in 2021, many seniors are starting to explore other policy options. Plan G has both great coverage and low premiums, which is why you need to consider it. By choosing Medigap Plan G, you can take advantage of things like:
- Coverage for basic doctor visits
- Coinsurance for skilled nursing facilities
- Coverage for things like lab work, ambulance rides and X-rays
If you are unsure about whether this Medigap plan is right for you, then consulting with the team at Senior Benefit Services is a good idea. By speaking with a licensed agent, you can make the right decision regarding which Medigap plan fits your needs the best.
Medigap Plan N
Since Medigap Plan N is a standardized supplement insurance plan, you get the same benefits regardless of which carrier you choose. Plan N offers Part A hospital coinsurance and hospice care copayment. There is also coverage offered for skilled nursing facilities.
We Are Here to Assist You
If you need some guidance regarding which Medigap policy to choose, let the team at Senior Benefit Services help you out.