How Medigap Plans Secure Your Health and Money

1 – Jun17 – How Medigap Plans Secure Your Health and Money – Blog

We’ve previously discussed the importance of Medigap plans in our latest article, 3 Steps to Get Medicare Supplemental Health Insurance Quotes. As an essential retirement tool, a Medigap Insurance Policy will address any boomer’s health and wealth needs that he or she may encounter during the twilight years.

As such, we’d like to make a big push towards advocating the use of this insurance plans towards more people’s life. We’re taking the opportunity today to discuss more crucial details about Medicare Supplements – we hope that more boomers will benefit from this retirement solution!

Minding (and Covering) the Gaps

Just how much importance should be placed in future medical expenses (particularly the out-of-pocket costs connected to retirement health care and support)? As revealed by a recent Commonwealth Fund report, more than 15 million Medicare beneficiaries (or one-fourth of the large population of 56 million Medicare policyholders in the country) pay approximately 20% of their income towards insurance premiums and miscellaneous out-of-pocket costs on medication and health care support. This figure, at an average of $3,024 per year, is definitely a high price to pay for care.

And considering (as based on an Insured Retirement Institute Study last year, Boomer Expectations for Retirement 2016) that a significant number of boomers have not saved a single cent for their retirement,  the price to consider of accessing quality care and support is a toll too expensive to pay. Not to mention, more boomers are less confident that they will have enough financial resources to last during the retirement years!

As bleak as it may be, learning more about and eventually purchasing Medicare Supplemental Insurance coverage will not only help individuals secure their health and wealth issues during retirement. By covering the gaps (or out-of-pocket costs such as coinsurance charges, copayments, and deductibles) that aren’t addressed by Original Medicare Plans, policyholders now stand a chance towards a future that he or she desires. It’s the hope contained within a plan that will matter in the long run!

Health Literacy Awareness

Additionally, Medigap insurance policies also offer a unique advantage for individuals. As a way for one to improve his or her health literacy skills, these plans can help give a boomer the right mindset to have when entering and living the retirement years.

And to stress the point on health literacy even further, only 12% of individuals in the country have been recorded to have the adequate skills needed to interpret and make use of health information and instructions. As noted by the U.S. Department of Health & Human Services (National Assessment of Adult Literacy; NAAL), 77 million adults have basic or below basic health literacy skills, which can prove to be costly for the retirement years.

How expensive? As pointed out by the American Medical Association (Subcommittee on Health Literacy), individuals with inadequate health literacy skills are:

  • More likely to have longer and frequent hospital confinements
  • More likely to undergo emergency room procedures (with many of those procedures even unnecessary)
  • More likely to have higher mortality rates
  • More likely not to commit or stay compliant with a given treatment plan

Given the mentioned scenarios, a person with low health literacy skills is more likely to have his or her savings at risks. And to make matters even worse, seniors (people ages 65 years and above) have been observed to make up a large factor of those with below basic health literacy skills in the country.

As such, making use of the available resources that one can have when learning about Medicare Supplements will prove to be helpful during retirement. Taking this perspective a notch higher, one can view Medigap plans as learning avenues for one to know more about the health care industry. And with learning comes better plans – perfect when preparing for better tomorrows!

Securing a Brighter Future

Supplement Medicare Insurance policies, as mentioned above, offer a ray of hope for beneficiaries to both hold onto and look forward for the upcoming years. Security and comfort do not necessarily only mean for one’s financial and wellbeing – in fact, the confidence one can gain from these insurance plans will help make the golden years even brighter!

Meet an Agent Today

Secure your future as early as today by requesting a Medigap quote from agents today. Don’t forget: private insurance companies sell Medicare Supplemental Insurance plans. This means that you have the option to shop around and meet several agents for you to find a plan that will both fit your budget and address specific retirement needs and preferences. Additionally, with ten standardized Medigap plans to choose from, applicants are given the assurance that there is a policy available that will provide the benefits that will answer their needs specifically.

We hope for a brighter future for all. Please leave a comment below if you have any suggestions or questions to ask.

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