Medicare is our country’s health care system available to individuals over the age of 65. For most of retirees this is a large part of their retirement plan as they need it to pay for their health care costs. Unfortunately for most, medicare alone does not cover all expenses you can accumulate.
Medicare supplement, often known as Medigap insurance, is sold by private companies and can help with your growing medical expenses and covers items like copays, coinsurance, and deductibles, which is not covered by medicare. If you have a Medicare Supplement Plan it is guaranteed renewable regardless of health concerns.
In order to qualify for a Medicare Supplement plan you must meet a few stipulations:
- You need must currently have Medicare Part A or Medicare Part B coverage.
- If you currently have a Medicare Advantage Plan you must cancel this plan prior to starting a Medicare Supplement.
- You and any spouse would each need your own Medicare Supplement Plan.
- You can not have both a Medicare Supplement Plan and Medicare Medical Savings Account (MSA) Plan.
Medicare Supplements do not cover all health care costs, and generally does not cover long term care, vision, or dental care. Find out if a Medicare Supplement Plan is right for you and your retirement plan today.