Georgia Medicare Supplement
A Medicare Supplement insurance policy (also called Medigap) is a health insurance product that is designed to help cover the healthcare-related expenses that Original Medicare programs are not able to take care of. Because the government solely provides the latter, and the government has other state obligations beyond caring for senior health, it simply cannot shoulder all elderly-care costs. In a bid to make it easier for those aged 65 years and up to live comfortably in their twilight years, Medigap policies were created — so that, at least, whatever retirement savings that citizens have set aside, if any, can be used to actually living well.
When a person retires, his or her regular source of income also stops when he or she leaves the workforce. Unfortunately for many Americans, only a few can still earn a decent living well after the retirement age (mostly due to businesses and investments). Majority of the people belong to the working, middle-income tier whose source of funds monthly disappear when they also stop being employed. Original Medicare, Medicare Supplements and other similar healthcare insurance products are, thus, necessary.
What Medicare Is
Medicare is government program that puts health care services within the reach of millions of elderly Americans who would, otherwise be dependent on their retirement savings or seek financial assistance from younger family members. In order to ensure that all senior citizens will have access to the wellness and preventive health programs they need in their advancing age, Medicare and Medigap were created.
The main difference between Medicare and Medigap is that the former is provided by the state, while the latter is purchased through private insurance agencies. Another important point to raise about the existence of both is that through them elderly Americans will no longer need to be solely reliant on their families to live a comfortable life, thus easing the potential financial burden on others.
What is a Medicare Supplement?
A Medicare Supplement is the government’s way of guaranteeing that all senior citizens will be taken care of as they get older, but without putting a huge dent on the state coffers. Medicare Supplements are purchased privately, but people can rest assured that the minimum benefits for each of the ten standardized policies on offer are the same regardless where they are purchased. This means, whether you are buying a Georgia Medicare Supplement or a New York Medicare Supplement, you will get the exact same benefit for the plan that you signed up for.
There are 10 Medigap policies available and private insurance companies may opt to sell only a few of these or all, depending on the demand in their area. Private agencies may also determine their own pricing schemes and if they want to further expand the policies with add-on services and products. This is why some Medigap plans are priced higher than the others are.
That said, it is important for you to do your research and compare policies in your location first before agreeing to sign up for anything. If you have trouble deciding which one is best for you, we also have a team of expert Medigap advisors who can walk you through the entire process and answers any question you might have, so you can land on a program of which you are happy.
Buying a Medigap Policy for Seniors
Note that buying a Georgia Medicare supplement policy (or any policy for that matter) is contingent on the following conditions:
1. You are turning or are already 65 years old, and
2. You are enrolled in both Original Medicare Part A and Part B.
You can choose not to enroll in any Medigap program immediately, although it is highly recommended that you sign up during your Open Enrollment Period (OEP). This is the six-month period during which you can apply for any Medigap plan you want and get approved without any questions. Your OEP starts on the first day of the month that you celebrate your 65th birthday.
If you miss this period, you run the risk of being rejected on your application or charged a higher monthly premium fee because of a pre-existing health condition or any other reason. However, if you do enroll during your OEP, even if you have a current health problem, you are guaranteed approved for any Medigap plan you want and at prevailing regular premium rates.
Restrictions to a Medigap Policy
Medicare Supplement plans cover a specific mix of products and services that vary in the level of coverage, depending on the type of policy you have. The more comprehensive the plan, the higher the monthly premium fee. If you are relatively in great physical shape, you can start with the lowest policy available and then just upgrade later, if you so wish.
Do remember that Medigap plans do not cover all healthcare costs, though it will take care of majority of the potential health-related issues that senior citizens might encounter as they further age. Medicare Supplements DO NOT include dental and vision care, eyeglasses, hearing aids, long-term care (like care in a nursing home), and private-duty nursing. If you want to avail coverage for the mentioned items, then you will need to sign up for a separate policy with your chosen insurance provider.
As regards payment, the fee for a Medicare Supplement plan is separate from the premium you are already paying for your Original Medicare Part B. If you also want to expand your Medigap coverage with another product not covered, then be prepared, too, to pay another monthly premium. While this might sound overwhelming, do note that the monthly cost of your policy is minor compared to the possible expenses that you will encounter should have a health problem later on.
Georgia Medicare Supplement Plans
On the average, Medicare Supplement plans in Georgia cost $131.58 per month or $1,579 per year. To compare, the highest average recorded is in Massachusetts at $162.25 per month or $1,947 per year, while the lowest average is noted in Hawaii at $109.16 per month or $1,310 per year.
We Can Help
Do you need assistance deciding which of the ten Medigap plans are for you? Can’t decide on the plans that are available in your area? Whether you are in Georgia or anywhere in the United States, our team of expert Medicare Supplement advisors can guide you through the entire process so you can land the ideal Medigap policy for you. Contact us at 1-800-791-0150.
