Even when you have Medicare, you’ll still have medical expenses. Medicare supplement insurance can help make your medical care more affordable. It can help cover the amount you owe after Medicare takes effect.
Medicare helps lower your responsibility for the cost of medical care. Yet you’ll still owe deductibles and co-insurance. Purchasing Medicare supplement insurance plans in California can help you limit your out-of-pocket expenses.
You can purchase Medicare supplement insurance plans in California from a private insurance company. Your premium payments are separate from your Medicare payments. These types of plans are commonly referred to as “Medigap” insurance because it covers the gap between your Medicare coverage and financial responsibility.
Your Medicare insurance pays the covered part of your medical bills first. Your Medigap policy will then take effect on any remaining amount. You must have both Medicare Part A and Part B if you want Medicare supplement insurance in California.
The first six months that you are eligible for and purchase Medicare Part B, you should consider a Medigap policy. During this time, you will not have to go through medical underwriting, and your premiums cannot increase due to a current medical condition. If you wait, however, you will need medical underwriting, which could make it difficult to get coverage. You may also pay higher premiums.
If you miss your chance, you have one more option. You can wait until your birthday month the following year. During your birthday month, you can buy Medigap insurance without underwriting, and you don’t have to worry about increased premiums. Keep in mind, you only have 30 days to complete the process.
You can choose from a variety of Medigap policies in California. Each policy covers different costs. In general, the policies cover:
If any of the following concern you, look closely at the plans offered. Each of the plans, which go by letter names (A through N), offers different coverage.
Medigap insurance doesn’t cover certain costs under any policy. These include:
Check with each policy to be certain about what it covers. Each insurance company offers different options, and the fees associated with each one differ as well.
Medicare supplement insurance plans in California may help you lower your medical costs. If you don’t buy a policy as soon as you start Medicare, you can reconsider every year during your birthday month. You can sign up at any other time of the year, but buying insurance may be more difficult. Many insurance companies require medical underwriting if you miss your window.
Consider all your options to help keep your medical costs as low as possible during your golden years.