Be Money-Savvy with a Supplemental Medicare Insurance Plan

4 – Jun17 – Be Money-Savvy with a Supplemental Medicare Insurance – Blog

Supplemental Medicare Insurance Plans, as revealed in our last post, Where to Get Medicare Supplemental Health Insurance Quotes, are essential tools baby boomers should attain to secure their future. An insurance policy created to address the out-of-pocket charges (such as deductibles, coinsurance fees, and copayments) not covered by Original Medicare Plans, a boomer can efficiently manage his or her finances throughout the twilight years!

As such, we’d like to share some simple yet practical tips on how one can make the most out of their hard-earned cash with a Medicare Supplement Plan. We hope the pointers we’re sharing today will help more people experience the future that they’ve always wanted!

Know the Issue

You know that there is an urgent need to manage your finances during the retirement years when more than one-fourth of Medicare beneficiaries struggle to pay for premiums and various out-of-pocket health care costs. As seen from a recent Commonwealth Fund study, approximately 15 million Medicare beneficiaries spend more than 20% of their household income on the mentioned costs. This figure, if premiums are taken out of the equation, would lead to an average total of $3,024 on out-of-pocket costs per year.

To add further weight to the already heavy problem, an Insured Retirement Institute report last year revealed that boomers definitely struggle when it comes to retirement finances. With more than half of the study’s respondents claiming to have not set aside a single cent for retirement, one’s future may definitely be bleak.

Identifying the gravity of the financial issue may enlighten you to come up with ways to rise above the problems – which leads us on how to maximize your Medicare Supplemental enrollment!

Consider When to Get a Plan

Also known as Medigap, Medicare Supplements can turn the tides when it comes to securing your finances for your future. But as essential as this insurance policy can be, enrolling for one during a certain time can lead to better and brighter tomorrows.

The Medicare Supplement Open Enrollment Period (OEP) is a six-month window that begins during the month you turn 65. Enrolling during the OEP will grant you these benefits:

  • Private insurance companies cannot refuse to sell you any Medigap policy offered
  • You cannot be charged higher premium rates (compared to those with health conditions or those older than 65 years old)
  • The start of your coverage cannot be delayed

Additionally, switching between Medigap plans during this period is easy – a “free look” option allows you to test the waters with a policy. If you should choose to cancel and opt for another policy, a full refund will be offered.

Consult with the Experts

Aside from the mentioned OEP tips above, always make sure to consult with agents and private insurance companies. Applicants are offered the convenience to shop around the market for a plan. Maximizing this advantage will allow you to choose not only a plan that will fit your budget.  You may just purchase a plan that will perfectly address your needs or preferences! Additionally, make sure to request for Medicare Supplement Quotes – this is a good way to give you a clearer idea on how to approach the golden years!

We hope that these tips will help you get a Supplemental Medicare Insurance plan. Do you have any questions about Medigap? Reach out to us by leaving a comment below!