An excellent way to approach your retirement planning is by requesting a quote for Medicare Supplemental Health Insurance coverage. Also called Medigap, this form of insurance will allow you to manage your finances in a more efficient manner during the twilight years, by helping pay for out-of-pocket costs that aren’t covered by Original Medicare Plans.
Considering that these expenses (such as coinsurance fees, deductibles, and copayments) can quickly drain a person’s savings, having this handy safety net can definitely secure the golden years. As such, we’d like to share some more reasons why requesting a Medigap insurance quote can lead to better things in your life!
The Expenses Will Pile Up
Our previous article, Insurance Plans Perfect for Improving Health Literacy, discussed the importance (and connection) of Medicare Supplements in improving one’s health literacy. This skill set, which deals with the capacity of an individual to interpret and make use of health information or instructions, directly connects with one’s finances. As mentioned by the American Medical Association, people with poor health literacy skills are more likely to waste their hard-earned money on medical procedures or treatments – some even unnecessary!
To further shed some light on the importance of tackling the out-of-pocket costs related to health care services and support, a Commonwealth Fund study revealed this startling figure: more than one-fourth (and possibly rising) of all Medicare beneficiaries spend approximately 20% of their income on out-of-pocket health care expenses. And considering the rising costs of other retirement essentials, the money lost to these medical fees definitely can place a dent in any retirement plan.
Precursor to Better Retirement Plans
Another great reason why requesting a quote is a definite strategy to pursue is that it can definitely lead to better retirement plans. Having an idea of how much a policy will cost will give you a clearer view on how to approach your retirement. Additionally, consulting with an agent after a quote will give you the opportunity to learn (akin to improving your health literacy) about other possible strategies that you may want to consider during the twilight years.
Because You Are Offered Choices
Also, Medigap policies provide a flexible take on how to manage your health and wealth needs during retirement, mainly with the different types of plans offered. There are ten standardized Medicare Supplement Plans to choose from. The scope of coverage and premium prices are the defining features of each plan, assuring an applicant that there is a policy that will best address his or her unique needs or preferences. Additionally, private insurance companies sell Medicare Supplements. This means that applicants now have the advantage of shopping for a plan that will best address their needs (for price and whatnot); the option to choose and work with an agent that an applicant is comfortable dealing with is also now possible.
Make Sure to Start it Today
Requesting for Medicare Supplemental Insurance quotes can be done online. This allows an individual to first check for basic information before asking for more details with an agent. Additionally, we’d like to include (and stress) the importance of requesting a quote today – the best time to purchase a Medicare Supplement Insurance Plan is when you are first eligible for it (when you turn 65 and are also enrolled in Medicare Part B). This is because that individuals are offered an open enrollment period – you won’t be charged higher premiums, and qualification process for a policy is easier during this time.