One of the more pleasant anticipations of reaching retirement age is the belief that you will finally be able to forgo the seemingly endless complexities about health insurance you dealt with in the workplace. At last, you think, Medicare is going to provide guaranteed coverage and kick in at age 65 at a low monthly premium—subsidized/prepaid by all those years of deductions from your paychecks.
Much of that is true, but the best description of Medicare Parts A & B may come from Mary Poppins: "Well begun is half done." While Medicare coverage may be universal for retirees, it is far from all-encompassing when it comes to paying your bills. For example, in addition to deductibles and co-pays, there are a multitude of internal limits on procedures and time allowed in treatment centers, which can result in significant out-of-pocket expenses.
One solution? A Medicare supplement policy, often referred to as simply "Medigap." Available from private insurance companies, yet regulated by Medicare law, the various policies are designed to help pay for those expenses original Medicare leaves to you. Coverage options range from basic to comprehensive and are priced accordingly. To discuss the variety of options available to you, talk with one of our professionals today