Fortunately, supplemental insurance gives you the peace of mind that your healthcare expenses will be mostly covered. So is Medicare supplemental insurance something you really need? Let’s find out!
Here are five situations that we recommend having a Medigap plan for.
1. Chronic Health Problems
Do you have chronic health problems that require you to visit the doctor frequently? It’s a good idea to have supplemental insurance, as Medicare does not cover all healthcare expenses.
Generally, you are responsible for paying a portion of the cost after your deductibles. Medigap plans can help eliminate these out-of-pocket costs by paying your portion of coinsurance and copays. You’ll appreciate this extra contribution if you’re used to receiving lots of medical bills!
2. Traveling Abroad
Are you someone who likes to travel abroad? Some Medigap plans cover emergency care when you travel outside the United States. Talk to your financial planner about which plans offer coverage for emergency health care and supplies when you travel outside the country. Original Medicare, on the other hand, only covers treatment in the U.S. and a few outside countries.
3. Long-Term Care
While no one can predict the future, you should plan accordingly for a number of situations that may arise. And for some people, this can mean a long stay in a hospital or skilled nursing facility. Original Medicare only covers a limited time in these facilities, while Medigap provides some long-term care coverage.
4. Dental, Vision or Hearing Problems
While Medigap plans will NOT cover dental, vision or hearing, we did want to take a moment to talk about insuring yourself for these healthcare needs. It’s important to get regular eye exams, dental cleanings and hearing screenings.
The reason why Medigap plans do not cover dental, vision and hearing is because Original Medicare does not. Medigap is meant to supplement this insurance, not provide new coverage.
Talk to your financial advisor about what’s best for your situation: paying for dental, vision and hearing out of pocket, taking out DVH (dental, hearing, vision) coverage or switching to a Medicare Advantage plan.
5. Doctor Choice
Medicare supplemental insurance usually lets you keep your doctors. This is important if you have a great team of doctors. Still, it’s important to check with your doctors, specialists, hospitals and medical facilities to make sure they accept the exact Medigap insurance policy you’re considering.
To review Medicare quotes in NJ, contact Leonard Financial Solutions today. We’ll help you pick a supplemental insurance plan that meets your needs and budget and gives you the peace of mind you deserve!