As a social insurance program, Medicare has the noble goal of providing affordable health insurance to Americans who either have disabilities or who are aged 65 and above. The average medical expense coverage offered by Medicare is around 48%; this leaves the other half up to the enrollees to cover for themselves. For those looking to save more on their medical costs, supplemental health insurance can be enrolled into alongside Medicare.
Medigap refers to policies offered by private health insurance companies to complement or enhance a policyholder’s Medicare coverage. Since Medicare mainly covers for institutional care and physician services (referred to by the program as Part A and Part B, respectively), enrollees will have to pay out of their pockets for the other Parts not directly covered by the program, such as prescription drugs. Those Medicare enrollees who need supplemental insurance in California to cover all their expenses can trust Good and Associates Insurance Services to help in the search.
Choosing Medigap Vs Medicare Advantage
If you are looking to enroll for a Medigap policy, you should first assess your health condition and the medical history of your family. By outlining the possible health concerns that you might encounter, you can paint a better picture of what you need in an insurance plan, and what Medicare does not cover.
All Medigap policies with the same letter should offer the same benefits across the board without exceptions. This means that the only choice you need to worry about is the monthly premium, which still differs among Medigap-providing insurance companies. For best results, you should register for Medigap within six months following your Medicare Part B enrollment. During this period, insurers cannot reject a sale or add premiums to the cost of their policies due to your Part B enrollment.
Medigap policies are priced according to how their premiums work. Attained-age policies start with low prices, but they incrementally increase as you grow older. Issue-age policies increase in price based on inflation instead of age; while they usually cost more than attained-age policies, they enjoy few rate increases. Community-rate policies are products that have fixed premiums for all enrollees in a given area, regardless of age. In the long run, issue-age and community-rate policies will be more cost-effective for you, and thus should be your first priorities in choosing a Medigap policy.
How We Can Help You
Good and Associates Insurance Services functions as an aggregate resource for Medigap/Medicare Supplement policies as well offering a full complement of every Major Medicare Advantage option available in California. Since every individual and their situation is unique, we take pride in our ability to find the particular health plan that will work best for you. Medicare is complicated – rest assured we will spend as much time with you as necessary to make sure you reach your optimum comfort level.