Think About Getting a Medigap Insurance Policy
When you reach the age of 65, you will want to sign up for Medicare, but you will also want to give strong consideration to obtaining a Rhode Island Medigap insurance policy. As long as you are enrolled in both Medicare Part A and Medicare Part B, you are may be eligible for a Medicare Supplement insurance policy.
The need for Rhode Island Medigap supplemental insurance
It is common for people to think that Medicare will cover all of their health care costs and even those who know that it will only cover approximately 80 percent of their medical bills usually do not think enough about how expensive the balance of a medical bill will be. Even in retirement, a person can rack up large medical bills and the 20 percent you are responsible for can add up quickly. Much of what you planned on leaving to your heirs you could end up using to pay for these medical bills. Even if you are in good health at the age of 65, buying a supplemental policy for Medicare is a smart financial decision.
Rhode Island Medigap Insurance plans are regulated by law
The federal government regulates the types of plans that an insurance company can offer. The regulations are specific enough that they have been assigned letters to designate the specific policies. The content of each policy is exactly the same regardless of which Medigap Rhode Island insurance company is selling the policy. This makes comparison shopping between insurance companies much easier. These plans have been assigned letters by the federal government to make it easy to talk about specific plans with an insurance agency such as ours.
Decide on the Rhode Island Medigap Insurance plan you want first
Before you decide to start quoting Medigap Rhode Island insurance companies, you need to choose which plan you want to buy. There is no commitment to a particular plan because you are only quoting, but it is important to get quotes from several companies for the same plan. This makes it easier to compare quotes. If you decide on another plan, quote this plan to several Medigap Rhode Island companies. We recommend you taking 15-20 minutes with one of our licensed advisors to let them explain the different plans and options. Its free of charge and hassle free.
The best plan to start your search for Medigap Insurance Rhode Island coverage
It is Plan A that offers the most basic Medicare Supplemental insurance coverage. All other plans offer the same coverage as Plan A with additional benefits. Plan A covers coinsurance for hospitalization and full coverage after the one year coverage of Medicare runs out. It will also pay coinsurance for hospice care under Medicare Part A. Plan A will pay for coinsurance expenses under Medicare Part B and the first three pints of blood used each calendar year. Under Plan A, you will still be paying your deductibles for both Medicare Part A and Part B. The next plan to offer more coverage is Plan B. This plan takes care of Medicare Part A deductibles, and you are only responsible for deductibles for Plan B.
A Medigap Insurance Rhode Island policy offers protection
After you have decided on a policy, you will be protected against large debts accumulated from medical bills not covered by Medicare. This is true regardless of the Medigap Insurance Rhode Island plan that you choose. Although it is true that some plans cover more than others, the basic plan offers a great deal of protection of an individual’s assets in case of serious illness.
Regardless of which plan you choose, you should not put off the search for a Rhode Island Medigap policy. There is a limited enrollment time period, and you do not want to miss this window of opportunity. During this enrollment period, you can purchase a Rhode Island Medigap policy and cannot be turned down for a pre-existing medical condition. Your pre-existing condition must be covered by the policy as well.