Many Americans nearing the age of 65 and planning for retirement have one big question in their mind. When I retire, will I be able to keep the health I have now? There are some other related queries that haunt them as they near their retirement year. How much will I have to pay for health insurance after retirement? Will I have to enroll my spouse in a separate life coverage policy?
Almost every person looking at his or her 65 age milestone have these concerns in their mind. United States government was aware of these concerns of its people and formulated “Medicare”, a national health insurance program. Almost all the citizens are automatically eligible for Medicare enrollment as they turn 65.
However, quite effective and efficient, Medicare plans are not all encompassing. So there is an undeniable need for an insurance that covers areas Medicare falls short on. Private companies offer Medigap insurance plans, which provide the much needed answers. Medigap plans also pay for expenses incurred for enrolling in original Medicare, like deductibles and annual co-pays.
Take past and present health standards into account
There is no second thought in the fact that it is nearly impossible to maintain the same health that you have now for next twenty years. On the other hand, due to rising insurance costs, there is no guarantee that your current employer will provide for the health coverage ten or twenty years down the line.
The huge financial drag in providing health coverage after retirement has forced many big companies to opt out from providing the same, and the number has consequently shrunk from 65% to around 35%. Even public sector employers are reducing the health benefits after retirement due to budget constraints.
Medigap insurance plans from private companies are a sure shot solution to all the financial worries related to health care. People who are about to turn 65 can enroll in Medigap plans during the open enrollment period. No insurance company has the right to deny your enrollment application if it is filed during the enrollment period.
Individual policy for spouse
As per the guidelines for Medigap Insurance plans, both husband and wife have to file for separate insurance policies to enroll in Medigap. Considering the financial aspect, it is wise to purchase a separate policy for the older person.
Most companies determine premiums based on certain age “bands”, and the age of the older person will be taken into consideration for deciding the premium. Taking this fact into account, it makes sense to purchase one policy for the older person and another one for the younger spouse. You can check it for your satisfaction; just run the numbers both ways.
Purchasing Medigap insurance plans
A person has the option to choose from twelve standard Medigap plans named from A through L. Plan A is in its most basic form, and the number of benefits increases as we shift through the alphabet. For example, Medigap E provides certain benefits that are not there in Medigap D, but will fall short from the number of coverage provided by Medigap F.
The rules and regulations for Medigap Insurance Plans are set out by the Federal and State government, but the policies are marketed and sold by private companies. All the plans from different companies have standard similarity with some marked difference from one company to another and from one state to the other.
Where to purchase Medigap insurance plans
There is no need to go anywhere to search for your ideal Medigap plan, everything is right here. Almost all the companies have a website for their company. A lot of valuable information about different companies and their plans can also be had from our website.
We have companies with varied insurance plans that can take care of every specific need of the customer. You just need to visit our homepage, fill the application form and leave the rest on us. Our experienced representatives would provide detailed information to help you buy the best plan.
Read Complete Guide to Medicare Insurance
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