Although Medicare Parts A and B provide a number of benefits to its enrollees, there are also a great deal of out-of-pocket costs that can be incurred to participants. . If you don’t plan for these out-of-pocket expenses, you could be left with thousands of dollars in medical bills that can quickly ruin your retirement dream. With this in mind, Medicare enrollees will oftentimes also purchase a Medicare Supplement (or Medigap) insurance policy in order to help in supplementing these expenses.
Today, there are ten standardized Medicare Supplement insurance plans that are available in the marketplace. Each of these plans is identified by a letter of the alphabet, with Medicare Supplement Plan A being the most basic, and all other plans providing additional, more comprehensive sets of benefit offerings such as Medigap Plan F.
It’s important to note that since these plans are standardized across the United States, the only difference between the companies that sell them is how much they are going to charge you every month for coverage.
Medicare Supplement Insurance and Travel
Because many retirees like to travel, it may be important to choose a Medicare Supplement insurance plan that offers additional travel benefits. In 2016, Medigap plans C, D, F, G, M and N all offer health care coverage for foreign travel emergencies when you are traveling outside of the United States.
In addition, although Medicare Supplement Plans E, H, I, and J are no longer available for purchase, if you had purchased one of these policies prior to June 1, 2010, then you are allowed to keep it, as well as to take part in the benefits for foreign travel emergencies that these plans provide.
The benefits that are offered by Medicare Supplement Plans C, D, F, G, M, and N include a payment of 80 percent of the billed charges for certain medically necessary emergency care outside of the United States after a $250 deductible has been met for the year.
For anyone that has ever experienced any medical emergency, you know that having 80% of the services covered is a significant benefit.
It is important to note that the foreign travel emergency care will be covered if it begins during the first 60 days of the policy holder’s trip – and if Medicare does not otherwise cover the particular care that is being received.
Shopping for a Medicare Supplement Policy
When shopping for a Medicare Supplement insurance policy, there are several criteria to keep in mind. As we mentioned earlier, although the benefits in each Medigap plan of the same letter are identical, the premiums that are charged for these plans can differ from one insurance company to another. Therefore, it is important to shop around and to compare premium prices prior to deciding on a Medigap policy. You could receive drastically different monthly rates from one company versus another, even though you’re getting the exact same plan. Because there are dozens and dozens of different insurance companies that sell these supplemental policies, you could spend hours talking on the phone to different agents. Instead of calling the agents and receiving the quotes one at a time, let us bring the lowest quotes to you. Simply enter your zip code on the quote form on the side, and we can give you the best rates for your area.
In addition, it is also important to check the financial strength rating as well as the claims paying history of the insurance company that you plan to purchase your policy from. This is because you want to be sure that the insurer has a good reputation in the industry for paying its Medigap claims to recipients.
Deciding which Medigap policy is best for you can be a difficult process. If you plan on traveling frequently, foreign medical emergencies are going to play a huge role in your decision, but it’s not going to be the only factor that you have to consider. You’ll also need to take time to consider your health, finances, all of your options, family history, and much more. It’ s an extremely important decision when deciding which Medigap policy works best for you.
Other Important Considerations when Traveling
Prior to traveling outside of the United States, it is always a good idea to discuss your travel plans with you Medicare Supplement insurance agent in order to get the exact details regarding what your policy will and will not cover while you will be traveling. This way, you will know what to expect in case an emergency does occur.
Hopefully you’ll be able to enjoy your trips and vacations without any emergencies, but you never know what’s going to happen, especially when you’re in a country or place you’re not familiar with. Every year there are Medicare enrollees that are traveling outside of the Untied States when a medical emergency arises. They receive excellent health care, but then they find themselves stuck with huge hospital bills that Medicare isn’t going to pay for. This is where the supplemental policy comes in. It can save you thousands of dollars that you would be spending out-of-pocket.
If you have any questions about traveling with Medicare coverage, or any of the supplemental insurance policies, please contact us today. We are dedicated to giving you the best health care coverage inside and outside of the United States. For anyone that plans on traveling during retirement, it’s vital that you get coverage that is going to protect you against any emergencies that you may experience. Those massive foreign medical emergency expenses can quickly put a damper on your vacation or any vacations in the future.