Not Having Medicare Supplement Insurance Could Cost You

There are a lot of questions swirling around about what Supplemental Medicare Insurance, also called Medigap, is and what it isn’t.  People want to know how it works and whether it is right for them or not.

Especially if you are in a situation where you are looking at retirement now or in the near future, Medigap or Medicare Supplemental Insurance is important to investigate. 

As you approach retirement, there are a lot of decisions to make regarding how to handle the cost of medical expenses that Medicare does not cover, and whether it is worth it or not to purchase supplemental insurance.

Some individuals have the option to take a portion of their insurance with them as they retire, however, there can be drawbacks.  In the short term, the premiums for the coverage you keep from your employer when you retire may be affordable; however, they will most likely continue to increase, along with your co-payments and deductibles, so that they may become a burden.

It is also important for most individuals to choose Medicare Part B when they are eligible because if they wait, there are several ramifications if you choose to enroll later.  The main issue is that if you decide to enroll in Part B later, you will be charged a penalty for every year (or part of a year) that you have not enrolled since you became eligible.  That cost, in and of itself, should be a great incentive for you to at least do the research about Part B and supplemental policies, and get your questions answered.

No matter whether you decide to purchase Medigap or Supplemental Medicare Insurance, it is important to become familiar with what plans are available and what costs are involved.  If you need help understanding the information you can call 1-800-MEDICARE or go on line to www.cms.gov or www.medicare.gov and you will be able to start your search for the coverage that is right for you.