Reasons for Getting Medigap Insurance

Medigap policies have the strictest rules and regulations regarding Open Enrollment Periods and this should tell you something about these policies. Every individual will need to access their own health and finances to decide if they want one of these policies or not. If you have good Federal or Union retirement benefits you likely won't need a Medigap policy because your other insurance will cover the bulk of the costs not paid by Medicare. However, everyone else should look closely at what these policies offer and whether they are likely to need them in the future or not.

Medigap Policies are Pretty Generous

A Medigap policy can make it possible for you to go to the hospital and have all of your costs covered. For most people on a fixed retirement income dealing with the patient costs not paid by Medicare can be very difficult. A Medigap policy will take care of the bulk of these charges. On the other hand, you will have to pay for the premiums until you have an occasion to use the policy. Like all insurance this is a numbers game. Lucky people pay their policy and never use it and the really lucky ones never buy a policy and never need it. The number of people that fall into this category is very small.

A Medigap policy gives you coverage today that is likely to be more generous than anything available in the future. Medicare recipients today are fortunate because there is enough money in the system to pay for their needs. In the future this isn't likely to be the case. Medigap coverage might still be available but it will be much more expensive.

People With Poor Health Should Consider a Medigap Policy

Original Medicare with a Medigap policy and a Part D Rx plan is some of the most comprehensive coverage available for anyone at any age. If you have poor health you are aware of the astronomical costs associated with medical care. The premiums may be high for Part B, Part D and Medigap but if you have ill health you know that these premium costs are very small compared to the substantial cost for care. Getting a Medigap policy gives you coverage regardless of your health. Anyone with ill health, anyone who is overweight and anyone who has a family history of certain diseases should think carefully about getting a Medigap policy.

Auntie Lou says, "Some people never use their Medigap policy and they are the lucky ones."