Covering the Gaps in Medicare
One of the things that the senior members of our society look forward to when they retire is the senior health care coverage provided by Medicare. Having good medical coverage during a time in their lives when they are battling a host of chronic diseases is a blessing to many, especially those that are living on a fixed income. Although not every doctor or medical facility takes Medicare, there are enough high quality medical professionals that do to ensure they obtain quality care. Medicare comes in four parts and one major disadvantage, however. Medicare does not pay for everything and leaves open what has become known as the Medigap.
How big this gap is depends on the individual situation. Someone who needs a lot of doctor’s visits isn’t going to have the same gap as someone who has to cover the cost of extensive or expensive medication. Obtaining insurance to cover this gap, however, is important if you want to reduce the impact it has on your finances. There are several ways you can do this. The primary way people fix this senior health insurance issue is by purchasing insurance specifically designed to cover the gap in their Medicare coverage.
This supplemental health plan is typically labeled Medigap insurance. You can purchase this senior health insurance from a number of providers and the cost varies from company to company. Like regular health insurance, you can adjust the coverage you need to suit your lifestyle. To avoid overpaying for insurance, take a close hard look at what you need and then chose accordingly. Medigap insurance tends to cover a variety of medical services. If you think you really only need coverage for a specific type of services, such as vision or dental, you can buy an individual policy for that need.
This last option is particularly important when it comes to the issue of long term care insurance. This is an issue that many in the baby boomer generation needs to address especially with the prevalence of degenerative brain diseases such as Alzheimer’s that affect senior health. Medicare only provides for about 100 days of long term care. Patients who need longer than that will have to pay out of pocket for it. A long term health insurance policy, however, can reduce the financial burden this presents. Carefully consider the care you will need in your later years, how Medicare provides for it, you health insurance premiums, and then choose a supplemental policy that will take care of the rest.