Medigap, or Medicare Supplements, offer a lot of value to Missouri residents with Medicare. The question is, is it right for you?
Yes, If You Need a Lot of Healthcare
Healthcare is expensive, even with the very best Medicare plan. If you have a condition or situation that requires a lot of medical care or treatment, Medigap can provide absolutely essential coverage.
Medigap plans will cover everything from your monthly Part B premium and Part A deductible to nursing facility care and hospice. Let’s say you have a visit to the hospital almost every year. Without a supplement plan, you would pay the $1,556 deductible every year. That number also increases every year. With a Medigap plan, you would instead pay a monthly premium in exchange for that cost as well as a number of other benefits.
Yes, If You Don’t Want to Worry About Networks
A common alternative to Medigap is Medicare Advantage, and vice versa. Both reduce your Medicare costs, but Medigap has a higher premium because it offers a lot more direct benefits than Medicare Advantage.
Medicare Advantage lowers your existing Medicare costs by structuring your care within a network of providers. In other words, you must receive care from these providers for coverage in exchange for low costs.
If you want more benefits without the fear of restricted networks, go with a Medicare Supplement. If you can work within a network for lower costs and forgo supplement benefits, go with Advantage.
No, If You Need Prescription Drug Coverage
You cannot get a Medicare prescription drug plan with a supplement plan. You can only get Part D with Original Medicare, or through your Medicare Advantage plan.
For many people, prescriptions are the most vital aspect of their health. And these costs add up fast without the proper coverage. You will see the benefits of a supplement plan even without prescription drug coverage, but if that is your main concern, you can still have a Part D plan while simultaneously having a Medicare Supplement plan.
No, If You Don’t Want High Premiums or Need Much Healthcare
Perhaps the idea of all of these supplement benefits is appealing, but you’re not sure if you would actually need or use them. Extra coverage is a good thing, but be sure to weigh them against the cost — supplements cost anywhere from $50 to over $400 a month.
Essentially, you want to make sure that the amount of premiums you put in are worth the coverage you get out of your plan. If you’re unsure, your best route is to enroll when you’re first eligible at age 65 to avoid enrollment requirements later on, then switch or unenroll later if you’re dissatisfied.
Local, Reliable, and Here For You
We help Missouri residents navigate and decide on their best Medicare coverage. To learn more, call Secure Insurance Group at 1 (877) 871-7328.
