Medi-Gap Supplemental Health Care Insurance
Hundreds of thousands of people aged 65 and over have chosen to spend their retirement in Woodland Hills, Enicino Sherman Oaks, Beverly Hills, Westwood, Burbank, and other parts of Los Angeles County. The senior years can be an exciting time spent pursuing lifelong interests or discovering new ones. It is also a time of extraordinary change in health care options. For many seniors, it is the first time in their lives that they have had to consider the impact of government programs and benefits on their health care.
When you turn 65, you become eligible to receive health insurance benefits through Medicare, a program of the federal government funded with payroll taxes. Many people assume that Medicare is a health insurance panacea, but it is not. It covers many things, but not everything. Some medical treatments, supplies, and medications are not covered by Medicare.
The cost of these gaps in coverage can be staggering, especially when you are living on a fixed income. Medicare Part A, for example, pays for hospitalization costs. However, it does not pay the entire amount. There are deductibles to meet and coinsurance amounts to pay. These charges can run thousands of dollars. Another part of Medicare, known as Medicare Part B, pays for approximately 80% of qualified medical expenses, leaving 20% of the medical fees to be paid by you. You also must meet an annual deductible before Medicare Part B kicks in.
To keep their life savings from disappearing into the gaps of Medicare coverage, many seniors purchase supplemental private health insurance, known as Medicare supplemental insurance or “Medi-Gap Insurance.” Medicare supplemental insurance covers only those services, supplies, and treatments not covered by standard Medicare insurance. Accordingly, the premiums for Medi-Gap insurance are smaller than the premiums for traditional health insurance, but the benefits can be huge—especially if you are ever hospitalized. Medi-Gap insurance protects you and your family from skyrocketing medical costs at a time in your life when you have little opportunity to recoup the unforeseen expenses.
Understanding what Medicare Part A and Medicare Part B cover—and what they do not—presents a challenge even to savvy consumers. That’s why we encourage you to contact uInsureMe.com now, whether you are already 65 or will be soon. We have an in-depth knowledge of Medicare Parts A and B, so we can advise you about what type of supplemental coverage you might need to protect your retirement savings. Allow uInsureMe.com to obtain free quotes for Medi-Gap insurance for you, so you can enjoy peace of mind throughout your retirement years.