As you approach the age of 65, you will most likely be thinking about signing up for Medicare. As you approach your retirement age, you will most likely hear people talking about Medigap Insurance Utah supplements or sometimes a Medigap Utah policy. They are advertised on television, radio, magazines and newspapers, but it can be confusing. What are they? Do you need one? Please keep in mind that some recognize Medigap as Medicare Supplement insurance also.
Isn’t Medicare enough?
The answer to this question for most people is a resounding no. Unless you have a large income in your retirement, medical bills can add up quickly. Medicare requires payment for deductibles and will only pay your medical bills within certain limitations. In general, Medicare will pay about three-fourths of your medical costs. This alone makes it good insurance especially for people with medical issues, but most people in retirement do not have the income to pay 20 percent of their medical bills. Even for someone who is healthy, an unforeseen medical problem that creates an extended stay in the hospital will create medical bills that cannot be paid. Assets will have to be sold to pay the bills, and after this, a bankruptcy could follow.
A Medigap policy can cover a portion of the shortfall of Medicare, and in some cases, it may pay all of it. This will create a situation in which you have full coverage in your retirement years. This is where the term Medigap comes from: it fills in the gap between the medical bill and the amount that Medicare will cover. Sometimes this type of Medigap insurance policy will be called a Medicare Supplemental insurance policy. There is not difference; the terms are interchangeable.
The time to purchase a Utah Medigap policy
Within the first six months of enrolling in Medicare, you should purchase a Medigap policy. It is during this time that insurance companies are regulated greatly by federal law. You cannot be turned down for a policy because of a pre-existing condition, and it is during this time that prices will be lowest for you. Keep in mind that you will need to enroll in both Medicare Parts A and B.
What type of Utah Medigap policy is best?
This will depend upon your requirements for a Utah Medigap Insurance policy as well as your financial resources. The more coverage you have, the higher your premiums will be. The federal government has made shopping for Medigap Insurance Utah policies easy for retired people because the plans themselves are defined by the law. Not only is the coverage specified by law, but they are given letter designations. The result is that you can quote several insurance companies for a letter A Medigap Utah policy, and it will have the same coverage from one insurance company to the other. Medigap Utah insurance companies compete with one another on price and premium payment plans.
What is the first step in shopping for a Utah Medigap Insurance plan?
Before you begin to request quotations for a policy, you need to learn what each policy covers. There are 10 plans available to Medicare recipients with Plan A being the most basic coverage. This plan will cover co-payments for both inpatient and outpatient care. It will also cover hospital stay of up to a year after Medicare benefits run out.
How to request quotations for a Utah Medigap plan
The best place to begin your search for a low cost Utah Medigap Insurance policy is on the Internet. The first thing to keep in mind is that not all insurance companies offer every plan that is on the market. All Medigap Insurance Utah insurance companies must offer Plan A. If they decide to offer Plan A, they must offer at least Plan C or Plan F. In addition, there are regulations that may be unique to your state. Once you have made a list of insurance companies that offer the plan you are interested in, one of our advisors can give you the prices for each and we will help you enroll in a plan.