Medicare Supplemental Insurance - Do You Need Medigap Coverage?

You've worked hard for your retirement, don't jeopardize your dreams.  Maybe you're the responsible type and have saved and put off a lot of activities waiting for when you could finally kick back and relax. You've finally reached the age where you can truly enjoy the lifestyle that Malibu and the Pacific Coast can offer you.  However, now you need to consider Medicare.

Do you realize that, should you have a medical crisis, Medicare might not cover all your bills? You could find yourself facing a financial crisis simply because you thought that Medicare would be sufficient to meet your needs.  Suddenly, you find that not everything is covered and your blissful retirement and your savings are in jeopardy.

Congratulations, you've reached the age where a health crisis can be devastating!  Many seniors don't realize that Medicare is not always able to take care of your needs.  Also, many doctors are reluctant to take on new Medicare patients.  You could find yourself falling into that chasm where Medicare won't cover you.

You Need Medigap Coverage!

Medicare Supplemental Insurance is available to help you cover those expenses that either fall through the cracks of Medicare or aren't fully covered under the government plan. Medicare was never intended to be a full coverage plan, but rather to cover those retirees who could not afford full health insurance. Don't wait until you have a major medical emergency!

Now you can find Medicare Supplemental Insurance, sometimes called "Medigap" insurance, right from the convenience of your computer. It is recommended that you enroll in this type of insurance soon after reaching retirement age, so don't delay! Every year will bring an increase in premiums if you delay signing up. There's no excuse not to get coverage when you can enroll in this vital insurance program without even leaving your home.

You can evaluate policies and find the plan that's right for you simply by filling out an online form. Don't like the impersonal ambiance of the Internet? Find an insurance agent right in Malibu or nearby, who will be happy to discuss the different plans with you. Don't delay - the best time to buy Medicare supplemental insurance is at age 65.

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How Does a Medigap Policy Work?

Before we can understand how the Medigap policy works, we first need to know what it is. A Medigap plan is health insurance sold by private insurance companies that supplements services or benefits that are not covered by the Original Medicare (Part A and Part B). It literally fills-in the "gaps" left by Medicare. This is why it is commonly referred to as either a Medigap plan or Medicare Supplement plan.

The Center for Medicare and Medicaid Services (CMS) has standardized these plans in an attempt to make them more consumer friendly. These plans are often referred to as "Plan" and a following letter; i.e. Plan A through F, Plan G, Plan K, Plan L, Plan M, and Plan N. Each plan covers a variety of services that Medicare does not cover completely. As you move up from A to N, plans generally cover more services as you go higher in the alphabet. Drug coverage is not included with your Medigap Plans because of the Medicare Part D prescription drug coverage.

To be an eligible Medigap plan beneficiary, the individual is required to be enrolled in Medicare Part A and Part B. Often beneficiaries find themselves selecting a plan when they turn 65. Those turning 65 have a window of opportunity to enroll in a Medigap plan with no health questions or exams. This window is 3 months before the month you turn 65 and 3 months after the month you turn 65. So some one turning 65 in September would be eligible to apply between June and December. Seniors working past 65 with company coverage can apply when they retire. They also receive the opportunity to enroll with no health questions or exams.

Each Medigap policy only covers one person, for married couples, each spouse must purchase a separate Medigap policy. As a standard rule, a Medigap policy cannot be cancelled or revoked by the insurance company for as long as the beneficiary is still paying the monthly premium.

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