Have you recently become eligible to receive Medicare, and now you're wondering if you should purchase supplemental insurance? Here are a few reasons that may make it worth it to purchase what is often known as Medigap coverage.
You'll Have Out-of-Pocket Maximum Limits
One thing that you may not understand about Medicare is that there is no limit to the amount of money that you spend out of your own pocket for medical-related services. This means that a hospitalization could end up costing you a lot more money than you anticipated spending on medical care, resulting in big medical bills that need to be paid.
With Medigap coverage, there is actually an out-of-pocket maximum limit that is mandated by the government for all Medigap plans. This can give you some peace of mind that you know the most that you'll have to spend in a year on medical coverage if a worst-case scenario were to happen.
You'll Be Able To See Any Provider That Accepts Medicare
Worried about not being able to go to your preferred doctor if you purchase Medigap coverage? Know that your network is going to remain the same because you'll be able to visit any doctor that you currently see as long as they take Medicare. This means that your network is not going to get smaller by purchasing Medigap coverage, which can definitely help you make the switch if coverage was a concern.
You'll Simplify Your Medical Billing
You may have the desire to simplify all of the medical billing that you have to pay as you get older. Medigap coverage will definitely be able to help with this since you pay a single premium to your Medigap coverage provider. You'll definitely be able to budget for your health insurance needs in a better way since it will be much easier to track the amount that you need to pay each month for premiums when you have one payment to make.
You May Receive Additional Benefits
Know that there are new benefits that you can get with Medigap plans that are not possible with original Medicare. It is worth looking at what you can get, since you may be getting to an age where you need more assistance with vision care or purchasing hearing aids. Medigap can cover a wide range of additional health-related needs that you wouldn't normally get, which can help save you money over time.
For more info, contact a local company like The Retirement Cafe.