Are Medigap Plans Worth It?

By  //  December 30, 2019

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A hot-button issue always discussed in the news is healthcare. The cost of medical care in the USA is as expensive as they come. People find they need insurance coverage more than ever before.

A hot-button issue always discussed in the news is healthcare. The cost of medical care in the USA is as expensive as they come. People find they need insurance coverage more than ever before.

Having good healthcare coverage can ease your mind if the worst were to ever happen.

There’s nothing worse than finding out one of your expensive medical bills is not going to be covered by insurance, leaving you with a gut-wrenching feeling.

Getting surprised with a huge bill is one of the things that Medigap (or Medicare Supplement) plans prevent as they provide additional coverage which can cover your personal medical bills for your specific case. 

What is Medigap exactly? Medigap plans oftentimes use a more descriptive name, Medicare Supplement plans. Both names refer to the same thing and that’s a medical plan which covers what your original state insurance might not insure.

These plans are made by private insurance companies that strictly follow highly regulated rules from the state to ensure their legitimacy. 

This article will talk about whether it’s worth getting a Medigap plan and which situations it works best in.

  • Covers Any Gaps in Medicare

It’s very important to remember that Medigap plans are exactly that, plans covering gaps in your primary coverage plans. They are not a replacement for Medicare whatsoever.

It’s impossible to find a medical plan that fits every single person in the country because everyone has their own medical history and their own diagnosis.

That’s why people often struggle when they only have a regular health insurance package as they may not cover hospital rooms for more than 60 days, serious injuries, or prescription drugs for any illnesses.

If you’ve got a specific illness that requires you to stay within the hospital for a period of time longer than 60 days or if you struggle to pay for the prescription drugs you’re taking then checking out different private insurance company plans, offering different Medigap packages, might be the best fix.

  • Standardized Within All States

If you live in multiple states or if you’re thinking of moving to a different state soon, you don’t have to worry about any complications regarding your Medigap plan as the plan offers the same coverage regardless of the state you’re in.

You can get the same hospital benefits in Los Angeles as you would in New York, a noteworthy bonus that Medigap provides.

  • Can Be Changed at Any Time

Wondering whether or not you can change a plan you’ve already purchased is a question everyone wonders about as some health conditions are bound to change and, if they do, you won’t require the same package you did when you first purchased the plan.

The answer is very simple and it’s that you can change medicare supplement plans anytime as long as you fill out an application with your new insurance provider and have them to accept it.

Once they do, you’ll have to get your old insurance provider to end your current plan and you’ll be good to go.

You don’t have to worry about getting stuck with a healthcare plan that you don’t require anymore, as long as you go through the correct procedure.

  • It’s Best For People With High Healthcare Bills

The value you gain from having a Medigap plan largely depends on your age and your medical status as a healthy 23-year-old won’t gain much from having this plan.

However, an older person may have more chronic issues that could possibly require surgery definitely benefits from chipping off a large amount from forthcoming bills.

This also applies to people suffering from serious physical injuries as the regular medical plan doesn’t cover treatment for any serious injuries or chronic diseases.

It’s not worth purchasing a Medigap plan if you’re in a very healthy state but it’s definitely worth investing in it if you’re suffering from a chronic disease, a serious injury, or the constant risk of either.

Medigap or Medicare Supplement plans can be extremely worthwhile or absolutely unnecessary. It really depends on your specific case.

There’s never a one-size-fits-all medical plan as that would never cover everyone’s medical needs while remaining cost-efficient. This is why many people opt for Medigap plans.

Do the necessary research in order to find the right plan for your case and if you manage to find one that covers your specific needs, then consider investing in it to save more money in the long run.

Having adequate insurance will also relieve your mind which is very beneficial for your overall health.