I had recently discussed in my recent post, “Preparing for the Future,” the reason why we should already consider getting a Medicare supplement even at a young age.
Not all medical expenses are covered by Medicare – thus, the term Medigap. This is where a supplemental insurance can be useful because Medicare Supplement Insurance would cover the medical costs or charges that are not covered by Medicare. When you are already retired and rely only a fixed pension or retirement income for sustenance, it is going to be hard to find some funds to cover the out-of-pocket costs if you do not have a supplemental insurance. It will also be helpful if you check out the different plans by state because some states have different rules regarding this.
Aside for the reason stated above, the current status of our economy has cast the shadow of doubt as to the Medicare system’s capabilities to meet the needs of the population. If you remember, there has been a proposed cut in the Medicare Advantage as part of the health care bill earlier this year. Whether or not this push through, this already reminds us how uncertain our future is when it comes to these state provided medical benefits. Who knows what the legislators will come up with from now until the time that you’ll be ready to claim your benefits, right?
It really pays to prepare for the future.