3 Reasons To Add Medigap To Your Medicare During Retirement


Most people rely on their employers to provide health insurance. Once retired, these individuals turn to Medicare for health insurance coverage. Although Medicare can be a valuable product for seniors throughout their retirement, a Medicare policy may not meet all of your medical needs.

Medigap insurance policies are designed to help supplement the coverage you are entitled to through Medicare. Here are three reasons why you should consider adding Medigap to your insurance portfolio during your retirement.

1. Eliminate Out-of-Pocket Costs

You will be living on a fixed income throughout your retirement years. This means that any unexpected expenses that arise could throw off your budget. Medicare doesn't cover all of your medical costs.

If you have a Medicare Part A or Part B plan, you can expect to face some out-of-pocket costs for your medical care. A Medigap policy can save the day by covering coinsurance payments, co-pays, and any other expenses that cannot be billed through Medicare.

The additional money that you will spend on a Medigap policy is more than made up for by the savings you will enjoy over the life of the policy.

2. Extend Long-Term Care Options

As your body ages, it can become more susceptible to injury. Many people find that they have to spend time in a hospital or rehabilitation facility recovering from surgery or a major injury at some point during their retirement years.

Medicare may only provide coverage for a limited number of days in these types of long-term care facilities. A Medigap policy can offer you the added benefit of additional days to recover.

Having the option to extend your long-term care stay can help you feel more comfortable with the recovery process and avoid any related injuries after returning home.

3. Gain Coverage Abroad

Medicare policies only cover medical services that are provided within the United States. If your retirement plans include any travel outside the country, you won't have health insurance coverage while you are away from home.

Medigap policies can help fill the gap so that you don't have to worry about the cost of medical treatment abroad. A Medigap policy provides you with a lifetime limit of $50,000 to help cover emergency medical costs while traveling abroad.

Adding a Medigap policy to your coverage lets you travel with the peace of mind knowing that you won't have to pay out-of-pocket in the event of a medical emergency. 

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A funny thing about insurance is that you often don't realize you need it or would benefit from it until something happens. In terms of medical insurance, this might happen after an injury or after a serious diagnosis. Rather than finding yourself between a rock and a hard place, you should consider buying medical insurance now, rather than waiting for something to happen. Navigating medical insurance jargon is not always easy, but you can learn the ins and outs with some study. We'll post some articles here that we think you'll find helpful, but there are other resources to check out, too.

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