Medigap gives you total independence to go wherever they accept Medicare without worrying about any additional unforeseen charges, and this does come with the upfront price, but it gives many people peace of mind. This is often referred to as "pay upfront and forget about it, or pay as you go." It is important to note that a good agent will evaluate the carrier's past history and can give you a report of the premium increases they have had, often they have had them, and the rate within the health industry that they carry. This is important when you first begin your insurance coverage.
I went with Medigap because I travel a lot, but now I'm paying a fortune in premiums. Did I make a mistake? The Medigap does allow go to any doctor in the United States that accept Medicare without worrying about networks and they include foreign travel. So it does give you flexibility which mean you pay more. Most Medicare Advantage has worldwide travel benefits and depending on the MA you go to doctors in/out network (PPO) and any doctor in emergency at in network. Depending on your medigap it does cover more out-pocket cost.
Possibly. Talk with a Broker who can present other Medicare options that are available to you based on your primary residence. There might be plans that are less expensive monthly that will also cover you when you travel.
Not necessarily, but the freedom and flexibility might not be essential if you just want to make sure you have emergency and urgent care which many Medicare Advantage Plans offer worldwide. So if you want to save the monthly premium and have peace of mind when you travel, a Medicare Advantage Plan might work for you.
The choice between choosing a Medicare Advantage plan or a Medigap(aka Medicare Supplement policy) is a personal choice based on ones health personal needs and preferences.
Over time many individuals needs or situation may change and your choice for your insurance coverage may change as well. There are opportunities to review your coverage and needs to see if a different plan or program would work best for you.
Contact an independent broker for a no obligation benefits review.
You just described one of the major reasons why you chose a Medigap. Overseas emergencies happen all the time and your plan will reimburse you up to $50,000.00 lifetime for any out of pocket expenses that you incur overseas within the 1st 3 months of that trip. Moreover, the Medigap is a great choice besides that since it is a much more predictable plan for your budget. But check with your insurance company to see if they have an “Internal Conversion” program which lowers the premium since they don't want to lose your business and can place you into a new “book of business” by the submission of a new Medigap online application. This also does not entail you having to answer any questions about your current health.
It really depends on where you’re traveling to. Many of the Medicare advantage plans work in most if not all states. The Aetna elite plan works in all 50 states I have found.
So the answer your original question is yes you probably could’ve done better with a Medicare advantage plan without a premium and most charges covered as long as you stay within network, but their network covers all 50 states
The type of coverage, Supplemental (Medigap) vs. Advantage, costs, and your value system are very personal decisions. Everyone's circumstances are different. If the cost of your Medigap plan is becoming a burden or it no longer fits your lifestyle, I recommend a review with a local, licensed broker in your area. If appropriate, you can switch to an Advantage Care plan during the next annual enrollment period.
I would not say you made a mistake, everybody's situation is different, and comes with unique needs. I recommend working with a local advisor who can help you evaluate your specific circumstances and explore all of your options so you can make an informed decision that is right for you.
It's understandable that high Medigap premiums are concerning, especially when you're paying for travel benefits you might not use often. However, Medigap is designed to supplement Original Medicare and fill in the gaps, potentially including some travel coverage, rather than being a comprehensive travel insurance policy.
Medigap premiums can be quite high, and while travel coverage is a benefit of some Medigap plans, it's not a guarantee of international coverage. It's important to remember that Medigap is designed to help you cover Medicare costs within the United States and its territories.
If you find the Medigap premiums too high, you might consider exploring other options, such as:
Looking at different Medigap plans:
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Medigap policies vary, and some may offer more comprehensive coverage and benefits for a lower premium, according to GoHealth.
Exploring Medicare Advantage plans:
Medicare Advantage plans can offer additional benefits like travel coverage and may have lower monthly premiums, according to Boomer Benefits.
Consider purchasing separate travel insurance:
This can be a more cost-effective option if you primarily need travel-specific coverage.
Review your Medigap plan's coverage details carefully:
Understand exactly what it covers and what it doesn't, including the travel benefits.
Ultimately, the decision of whether you've made a mistake with your Medigap plan depends on your individual needs and budget. It's best to carefully review your plan details, compare your options, and consider your travel needs before making any decisions.
Medigap plans can be more expensive than Medicare Advantage plans, but Medigap policies cover all the areas where Medicare has limitations, which is beneficial for travelers. Medigap might not always be the best choice for everyone.
It depends. The questions does not state the destination of the travel , whether it is in the U.S. or outside the boundaries of the U.S. Medicare supplement plans C, D, E, F, G, H, I, J, M, and N pay up to $ 50,000 for costs involved in medical care abroad for an emergency. Within the United States a Medicare supplement provides coverage throughout the country as long as a provider accepts Medicare. Many Medicare Advantage plan networks also provide national coverage and many plans also have out of network coverage and generally speaking Medicare Advanatge plans are less costly than Medicare Supplements even though they have greater restrictions.
Medigap policies can be expensive. Keep in mind that coverage would be in effect if you have an emergency when traveling and holding a Medicare Advantage policy as well. However, if you need ongoing medical care while traveling a Medigap policy is probably the right decision even though the cost may be higher. The question is how much do you travel, how long are you in a particular location at one time and how much medical care do you need? If you travel to a particular location for a period of time like a few months, there are some Medicare Advantage providers that offer a passport option where you can transfer coverage to that particular location as long as they are notified ahead of time. If you are thinking about this option, it's always a good idea to verify coverage protection with the Insurance carrier in the other location you plan to visit.
It is never a mistake to go with a Medigap plan. If you need to save money because premiums have increased, consider another Medigap plan, such as Plan N. There is a copay of $20 for doctor visits and $50 for ER visits if not admitted. A Plan N also does not cover 15% excess charges, but the premium can be $30 to $60 lower per month. It is best to consult with a Medicare specialist that can compare premiums for you. Keep in mind that if you want to go back to your original plan, you may be subject to underwriting, depending on your state options for Medigap plans.
I do not believe you made a mistake choosing a Medigap insurance policy since you travel a lot. Unfortunately, Medigap policies do go up as you age and the insurance companies will adjust rates based on their claims history. Consult with a broker to find a different Medigap plan with lower rates. If you can pass underwriting, your policy change should be easy.
Not at all, you made a smart choice based on your lifestyle! Medigap is great for travelers because it offers flexibility and fewer restrictions, especially nationwide.
Yes, the premiums are higher, but you get predictable costs, no networks, and peace of mind wherever you go. If your needs or travel plans have changed, it might be worth reviewing your options to see if a more cost-effective plan fits your current situation better. Want to chat about it?
Issuance and sales of Medigap (Medicare Supplement Insurance) plans are regulated by States, which have varying laws 'bluesky' like guaranteed issue rights, marketing, commissions, etc. And, depends on the medigap plan (A to F) you are subscribed with. For instance, the foreign travel benefit pays 80% of charges after the $250.00 deductible, up to a $50,000.00 lifetime maximum. Your premium depends on the plan you acquired.
Not necessarily. A review of your current plan vs the other Medicare Health Plans available to you should be done. Also looking at the prescriptions you take, the pharmacy you use, the doctors you see, and the hospital you go to are all important factors to consider and compare.
If you sign up with a Medicare Advantage plan that are based on zip code, so if you need medical care and are out of the network you would have to pay out of pocket and that could cost alot more..
