Are Medigap Plans Worth the Cost?

posted by Chris Valentine

It is a safe bet that most people are worried about money in this day and age. We live in quite a materialistic world where wealth is everything, and it doesn’t help that prices seem to only be going higher wherever you look. It’s no surprise then that people are restless and concerned when it comes to finances, especially when you think of the health care prices, for instance. You can live without a brand new car, but you can’t live without proper medical care if you are ill. This is why health insurance is a very important policy to have but is it enough?

The fact it is, your regular Medicare plan isn’t enough. Sure, it covers a lot of expenses and bills when it comes to your healthcare, but it also leaves out quite a few. This is why a lot of people prefer to also acquire Medicare supplemental insurance, also known as Medigap –– as the name shows. This gap signifies the bills that are not covered by your regular insurance plan, but are under the supplemental one. But is it really worth the cost to get another plan?

Covering extra costs

While Medigap, as a supplemental insurance policy is sold to people over 65 years of age, most often, there are some states where it is possible for you to acquire this supplemental policy even if you’re under 65. In any case, you need to understand why getting it is actually worth the cost and of huge importance. Medicare insurance doesn’t cover several parts of the bills associated with your health care. For instance, co-pays, deductibles, and co-insurance aren’t covered by Medicare, but they are under most Medigap policies.

The problem is, while those added costs might not seem like much to you, they can really drive you bankrupt if you go seriously ill. This is why it’s always preferable to get your hands on Medigap because you won’t have to worry then about those added costs. You naturally need some help finding out the pros and cons of medicare supplement plans, and you’ll find plenty of online resources to help you understand what you get under those plans and what would still be unavailable. It’s important that you have that knowledge so you can really understand if the extra cost is worth it for you or not.

Foreign travel coverage

Medicare, like most domestic health insurance policies, has coverage in just the United States and its territories. The great thing about Medigap is the fact that some plans in the policy actually cover foreign travel emergencies according to the plan’s limits. This is a very important added feature because it means that you get to travel and get treated abroad for significantly less money. In some medical cases, the only available treatment might be in another country, and some particular conditions require a visit to the foremost expert that might just be living abroad. This is why it really helps to have a Medigap in those cases as it will save you a lot of money.

A better retirement

Whether or not you should get Medigap also depends on just how big of a risk are you willing to take with your retirement. But one thing is for sure. If you have a plan, your retirement will be much more relaxing because you wouldn’t have to worry about debts. Having Medicare at that age helps because, as mentioned earlier, a serious illness can cost you a lot of money if that’s the only insurance policy you have. Medigap does mean you’ll pay extra money, but you’ll be enjoying your retirement with that money without having health care as a primary concern.

Skilled nursing

Some medical conditions require short or long-term care in skilled nursing facilities because they can’t be managed if you’re at home. This is definitely not covered in your average Medicare plan –– some Medigap ones, on the other hand, provide coverage for those stays ranging between 50% and 100%. This is crucial because, at that age, serious conditions might arise, and you need to have the best care possible so you could get back on your feet. While Medigap doesn’t cover everything when it comes to long-term nursing home stays, it sure does cost you a lot less than the other way around.

Whether or not a Medigap plan is worth it is a question only you can answer. In terms of the benefits and supplemental coverage, it definitely does bring a lot to the table. But do you need that? Or are you willing to take the risk for the sake of saving some money? The choice is ultimately yours.

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