The Medicare program offered by our government is really affordable and offers a good benefit to seniors but it is important to realize that it still leaves around 20% of a person’s medical expenses being paid out of pocket. To protect themselves from uncovered medical expenses from Medicare, many seniors choose to purchase a Medicare supplement. Medicare supplement plans do not replace Medicare health policies but work with them to produce better coverage. Medicare supplements are also called Medigap plans.
Even though Medicare supplemental insurance is provided by private insurance companies, it covers deductibles, copays, and other expenses through the Medicare billing system. This is great because it means the claims are not handled separate from Medicare and there is no paperwork to file. The government has also regulated Medicare supplements into standardized plans making it very easy for seniors to figure out which policy they like best. A Medical exam is not required in order to be approved for a Medigap policy making them easy for seniors to apply for and manage. For anybody who is turning 65 and getting a compare medicare supplements you’ll find only a few medical questions that have to be answered because the insurance companies typically must sell you a plan and there isn’t any underwriting. Another great benefit of having a Medigap plan is that you have the security of know it is guaranteed renewable.
Once people have decided to purchase a Medicare supplement they often ask how do I get started. This is precisely what the process of choosing a plan ought to look like:
1. Verify that you are applied for Medicare Part B.
2. Utilise an independent agent to get Medigap quotes.
3. Determine what your financial budget ought to be.
4. Identify which of the plans best fits your needs and budget.
After the decision is made on the Medigap insurance you want request the application from your independent agent. The entire process can take several weeks to the point where you actually have your insurance cards mailed to you. So request your quotes a month or two before you want your insurance to be active. Contact an independent insurance agent for help or more information on purchasing Medicare Supplement Insurance. Another excellent resource of expertise is the government guide to purchasing a Medicap plan. You can locate it on the Medicare website.
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