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Medicare Supplemental Insurance (Medigap)

For individuals over 65 and others who qualify, the cost of healthcare can be greatly reduced through access to Medicare insurance. However, Medicare does not normally cover every cost you may incur when receiving health care services—and for individuals in retirement or on fixed incomes, unexpected health care costs can be debilitating.

Luckily, for individuals who have Medicare insurance but experience gaps in their coverage, Medicare supplemental insurance is an option to help fill those gaps. Medicare supplemental insurance plans, aka Medigap plans, are structured to cover costs that Medicare normally would not.

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Who Is Eligible for a Medigap Plan?

Most individuals who receive Medicare elect to supplement their coverage with additional coverage. If you currently have Medicare Part A and Part B, or both, you may be eligible for a Medigap plan. Usually, you must be at least 65 years old to enroll in a Medigap plan, although options may exist for individuals with disabilities or other qualifying conditions.

Medicare Part A and Part B cover inpatient and outpatient health care services, respectively. However, typically not all costs are covered by Medicare for either inpatient or outpatient services. Costs like copayments and deductibles may not be covered under Medicare, and a Medigap plan can help to reduce what you may pay out-of-pocket towards those expenses.

How Does a Medigap Plan Work?

Medigap only pays its share after your Medicare insurance pays the Medicare-approved amount of the covered costs for your health care. Once Medicare pays its amount, your Medigap plan will pay its share of the remaining costs. Additionally, most Medigap plans are guaranteed to be renewable, so as long as you pay your premium, your policy won’t be cancelled even if you experience a health problem.

What Medigap Plan Should You Get?

Not all Medigap plans are created equal, and every individual will have different needs that their plan should help to meet. There are currently 10 Medigap plan options available, with each plan offering a unique set of benefits. If you are considering Medigap, it is important to understand the differences between the available plans so you can get the coverage you need without overpaying.

How Can We Help?

At The Templeton Group at Cornerstone Financial Management, we can walk you through your options and help you find a plan to supplement your current Medicare coverage based on your needs. This can be an important decision to make when planning out your budget and working to mitigate risk in retirement. Our experienced team is ready to assist you in finding an appropriate option to supplement your current Medicare coverage.

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