Just Enrolled in Medicare: Do I Need a Medigap Policy?

Medicare open enrollment period is just around the corner. You anticipate and get ready for this important moment of being 65 years old. You researched, you compared plans, you consult representatives, you calculated your finances, you waited for the right time to enroll, in short, you did your part to finally become a Medicare recipient. After that,  you might find yourself asking, do I need a Medigap Policy? Let me help you find the answer to that question.

What is a Medigap Policy?

First, we should clarify what is meant by Medigap, so you will have a clear understanding of what you are getting. Medigap policy, also known as Medicare Supplement plans, is basically an insurance for your Medicare.

Know that Medicare does not cover all your healthcare expenses, hence the term Medicare gaps, or simply gaps. Despite having Medicare parts A, B and even D, your Medicare can’t do good in helping you pay for your healthcare costs most of the time, especially if you become seriously ill, injured or needs more care as you age. Yes, it pays for your expenses, but not all of it.

That’s where Medigap comes in action. Depending on the type of plan you will get, Medigap will cover all or a portion of the costs that Medicare doesn’t cover. Some policies also cover the services that Medicare does not tackle like medical care outside the US.

Do I need it?

As an advocate of Medicare supplements, my answer should be expectedly straight to the point – YES OF COURSE! But that would be absurd and unrealistic. Medigap policy is not always necessary and is not mandatory, but if you can afford to pay additional premiums, then please do get yourself enrolled.

If you are thinking to pass up on Medigap, consider first  what Phil Moeller said, “Not having a Medigap policy is a matter of your own risk-reward calculation.”

Philip Moeller on Medigap created by freemedsuppquotes

Can I get it later?

Know that if you skip buying a policy when you are eligible or if you buy but later dropped it, you might not be eligible to get another policy or you will be up for a more expensive premium later on.

Don’t persuade yourself that you can deal with health care expenses solely (unless you are among the lucky ones who have gathered great wealth in life). Health care is incredibly expensive.  If you add up those extra or excess charges after Medicare coverage, you can still end up with big costs to pay. Without Medigap, your coverage will be limited with just having Medicare.

I’m healthy. Do I still need it?

Healthy today? Don’t wait until you get really sick before you apply; it might be too late to avoid the huge amount of medical bills. Take note that Medicare and Medigap are all about securing your future who might going to be not that healthy (regret is always at the end, so better act early).

Who does not need Medigap?

As I have said earlier, not everyone needs Medigap. If you own other health coverage, the gaps in your Medicare might have already been covered.
You also don’t need Medicare supplement insurance if you:

  • Have Medicare Advantage plan.
  • Are on Medicaid
  • Has Qualified Medicare Beneficiary program that pays your Medicare premiums and out-of-pocket costs.
  • Has employer group health plan

If you don’t belong on the list, then you may want to consider having a Medigap policy.

What did the experts say?

To encourage you more in supplementing your Original Medicare with a Medigap plan, it is helpful to know the point of views of our industry experts.   In our recent expert round up post, we sought the point of view of different retirement experts and bloggers what they think about Medicare Supplements. And based on their responses, it became apparent that Medigap policy is truly an important health care solution that we all should consider getting during our retirement.

Is Medicare Supplement Important During Retirement by freemedsuppquotes


The Bottom Line:

To sum it all up, Medicare does not cover all your healthcare expenses. Without a Medigap Policy or Medicare Supplement plan, you might end up facing a huge amount of out-of-pocket medical expenses which can be a downright burden to your finances. Medigap will rescue you from the gaps of Medicare.

If I triggered your curiosity about Medigap policies, don’t hesitate to request a Medicare Supplement Quote today to know which plan will best fit you.

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