Retirement Planning Special (Part 1): Considering Medigap Insurance

How has retirement planning fared for 2016? Today, we’ll be discussing how individuals set priorities and saved money this year. Additionally, we’ll be highlighting Medicare supplement information and finding out how this type of coverage can be integrated into a plan. By identifying what happened in 2016, we’ll be able to clearly see how and what needs to be done in planning for the golden years this coming 2017.

Also, let’s all do our part in sparking awareness on proper retirement planning. Everyone needs to work together to create a better future – we all deserve one! Simply sharing this article goes a long way. Who knows, you just may provide someone with a solution to their retirement woes.


Retirement planning, if not done properly, can prove to be fatal. A lot has to be sacrificed to secure the desired future, but how can one determine if he or she has taken the necessary steps? Just this year, a study conducted by the Insured Retirement Institute (IRI) revealed that almost half of the baby boomer respondents (45%) virtually have not set aside funds for the twilight years. The troubling statistic is further compounded when it was shown that majority of the senior population (59%) heavily rely on Social Security to address their retirement expenses.

The future seems bleak, yet there is still a shimmer of hope. Medicare supplement insurance plans, also known as Medigap policies, may provide the necessary support and be the security net that every individual deserves during the coming years.

Nest Egg Problems

To futher illustrate the impending financial crisis that seniors are in, the lack of both income and work opportunities proved to be a big drain for most Americans this 2016. Saving money may be impossible for most, with increasing health care costs and price hikes on insurance policies such as long term care insurance. To add more salt to the wound, the lack of potential income and revenue streams is more visible for women. This cash problem is mainly because of the female’s gender increased longevity and gender pay gaps. But, this topic is better addressed in a different article (watch out for part 2 of this series!).

Considering the lack of funds saved, most individuals are left with no choice but to continue working even during the retirement years. The decision to keep seeking income opportunities through work during retirement may be a noble thought, but may not apply for every senior. In fact, the risk of exposing one’s self to work during retirement may mean a higher chance to get sick (in effect, more ways to spend hard-earned money).

Also, individuals who are incapacitated for health reasons and seniors who cannot find employment because of their age are all caught in a terrible spot. How can one pay for proper support and care if he or she has no money to pay for it in the first place? Such are the frustrations for most during the golden years.

Good News for a Change

Let’s slowly part away the clouds of gloom and uncertainty for something brighter instead. According to the Retirement Confidence Survey conducted by the Employee Benefit Research Institute, most American workers have increased contributions in building their nest eggs this year alone. Even for retirees, those who have set aside money for the twilight years have recorded increased savings.

Of course, inflation and health care expenses still need to be considered for this study. Yet, good news still counts for something – an opportunity to secure your retirement finances is possible!

Medicare Supplement Information for Much-Needed Help

An even brighter solution is enrolling for Medigap coverage. This type of insurance policy addresses the “gaps” (coinsurance fees, copayments, deductible, and other out-of-pocket expenses) found in Original Medicare plans (Part A and Part B). Convenience and peace of mind are created by helping a policyholder pay for these gaps – traits every retiree must experience to make the most out of the golden years.

Including a Medigap plan as part of preparing one’s retirement has other benefits. Financial savings and security are of the utmost importance when enrolling for a plan. Addressing the gaps will prevent policyholders to burn a large hole in their pockets.

Second is the potential savings even during the purchasing period.  Private insurers sell Medigap plans. This means that applicants have the opportunity to shop around for a plan that will provide them the best service and price in the market.

Lastly, Medicare supplement policies offer coverage outside in-network medical services. This benefit allows policyholders access to support even outside the country. Most importantly, trusted and preferred medical services from doctors outside the designated network are covered. This gives the control back to their users, without limiting health care assistance from physicians who policyholders aren’t comfortable taking advice from.

More about Medigap Next Week

We’ll be discussing more in detail on how gender and age plays a part in Medigap coverage. Visit us again next week – we’re sure to provide you with more helpful guides. And also, don’t forget to share this post!

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