Securing funds for the golden years may be a tricky matter. And this is why we are regularly pushing for more awareness of Supplemental Medicare Insurance policies! As seen in our previous blog, Request for Medicare Supplemental Health Insurance Quotes Now, Medicare Supplements can help baby boomers manage and keep their finances in an efficient yet practical manner.
Today, we’d like to discuss more on how these insurance policies can make a positive impact on one’s finances. We hope that making this push will let more people know how important Medicare Supplement Insurance Plans are!
Health Care Costs and the Gaps
As mentioned in our last post, a Commonwealth Fund report showed how the gaps (out-of-pocket charges like copayments, coinsurance fees, and deductibles) in Original Medicare Plans could bring a substantial financial burden for boomers. With more than one-fourth of Medicare beneficiaries (around 15 million individuals) 20% or more of their household income on premiums and out-of-pocket health care costs, the chance to make one’s savings last throughout the retirement years may be challenging!
It doesn’t get brighter – according to the Centers for Medicare and Medicaid Services, national health spending will increase at an average rate of 5.6 per year (for 2016 to 2015). The high cost of care will definitely burn a hole in one’s pockets if no plan or action is undertaken!
These gaps are what one needs to have in mind to learn more about and eventually purchase a Medicare Supplement Plan. Identifying the issues will give you a sense of urgency that one needs to come up with more ways to save money.
Also known as Medigap, Supplemental Medicare Insurance policies help beneficiaries pay for the gaps mentioned above. Let’s break down the convenience and benefits Medigap plans provide, by identifying some of the gaps covered by these policies:
- Inpatient hospital coverage (for Medicare Part A)
- Psychiatric hospital coverage (for Medicare Part A)
- Skilled-nursing facility coverage (for Medicare Part A)
- Home health coverage (for Medicare Part A)
- Hospice care (for Medicare Part A)
- Doctors’ services, preventive care assistance, medical equipment, lab tests, ambulance services, etc. (for Medicare Part B)
As such, tackling these gaps can lead to more suitable approaches for one to retain their savings for the future.
Bringing the Power Back
Additionally, Medigap plans offer applicants the power to choose. From having the option to chose a policy (there are ten standardized Medicare Supplemental plans to choose from) and having the opportunity to select a private insurance company to work with, this insurance gives the control back to the boomers. And this power, or control, to be able to view and take hold of the desired future can prove to be beneficial for boomers – the optimistic take and the feeling of hope are welcome emotions to have during the golden years!
Grasp Your Future Today
Saving money is good. But securing your hard-earned cash through a retirement solution like Supplemental Medicare Insurance plans is greater. As such, make sure to reach out to an agent today. Purchasing a Medigap plan is best done when you turn 65. During this time, you can take advantage of the open enrollment period (OEP), assuring you of an easier qualification process, affordable premium rates, and early Medigap coverage.