Medicare is a great way for retirees to cover the costs of their health care as the program covers most necessary procedures. However, you'll still have a deductible, co-pays and payments for non-essential services to deal with.
If you are on a fixed income, this can sometimes be a bit of a struggle. This holds especially true if you run into major health complications that require frequent doctor visits.
That's where supplemental insurance for Medicare, sometimes called Medigap insurance, comes in. Here's what you need to know.
Pick Up Where Medicare Leaves Off
While it is true that Medicare can cover the bulk of your health care expenses in retirement, it won't cover everything. Depending on the deductible for your Medicare plan, you could be in for a large bill for your first treatment of the year.
Deductibles can range widely and depend on how much you contribute to your health plan. If your deductible is high, an unexpected illness could make a serious dent in your retirement savings. This could possibly jeopardize the secure future you have worked so hard to achieve.
With a Medicare supplemental insurance policy, you'll likely be able to get that deductible covered. Of course, you'll have to pay the monthly premium for this supplemental policy. But you'll have fixed monthly payments, rather than large, unpredictable expenses. This makes it much easier to manage your retirement fund distributions and stick to your budget.
In addition to helping you meet your deductible, Medigap insurance can also help cover any co-pays for your doctor visits. These costs can add up quickly if you need to make frequent trips to see your physician or specialist.
Medigap insurance can also help you with the costs of any prescription medications you need to take. While Medicare Part D does offer heavily discounted rates on many prescriptions, you may still have to pay some of the costs out-of-pocket. Your supplemental policy can help fill in the gaps, saving you even more money on your health care over time.
Learn More about Supplemental Insurance for Medicare
Here at Lang Insurance, we recognize that navigating the complicated waters of Medicare and Medigap insurance can be challenging, and we are here to help. Our dedicated agents will work closely with you to choose a plan that will best meet your needs. Get in touch with our team today at 636-229-7000 to learn more about this important insurance category and to get a free quote.