Medicare Supplement (Medigap)
3 Signs a Medigap Policy Is Right for You
I am going on Medicare next month and I have decided to go with a Medigap plan. My wife and I are snowbirds, so it is important that I have coverage wherever we go- I do NOT want to deal with a network. I also want to make sure that my insurance pays well in the event I need serious medical care, and I don’t mind paying more for better coverage. Does it sound like I am getting this right?
-Dave (Lake Placid, NY)
From what you have mentioned, it sounds like you are on the right track. Here are three reasons why a Medigap (also known as a Medicare Supplement) sounds like it will be a suitable option for you:
- You do not want a network plan.
Medigaps do not have plan networks. These plans offer nationwide coverage, meaning you can see any provider that accepts Original Medicare. Plus, if you were to move, your plan is portable so you can take it with you to your new area without worrying about changing plans.
2. You want a plan with more robust coverage.
Did you know that Medicare Advantage plans typically have a maximum out-of-pocket amount of $5,000 to $11,000? That is the most you could spend on medical expenses for the year if things go awry.
On the other hand, your out-of-pocket expenses with a Medigap policy are much lower. With a Plan G for example, the most you would pay out-of-pocket on Medicare-approved services is only $226 for the entire year!
3. You don’t mind paying a higher premium.
For those on a fixed income, a Medicare Advantage plan might be the only option they can afford. But, if you have the means to purchase a Medigap policy, the average Plan G premium is only about $125/month right now. Keep in mind that premiums vary by location and are subject to increase each year.
I hope this helps you with your decision. Don’t forget to give us a call so we can shop around and make sure you are getting the best Medigap premium!
Your Medicare Advisor
For help with Medicare plans – or any questions you may have about Medicare – contact AMAC’s Medicare Advisory Service at 1-855-611-4856 or request a quote below!