Covering the Gaps Medicare Leaves Behind
First off, it’s important to understand that Medicare, by itself, doesn’t cover 100% of your healthcare costs. You’ll still have outof-pocket expenses, especially for things like extended hospital stays or skilled nursing care. Without some kind of backup plan, these costs can add up quickly.
Predictable Monthly Costs
One of the biggest financial benefits of a Medicare Supplement Insurance Plan is its predictability. Instead of worrying about unexpected medical bills popping up throughout the year, you’ll pay a fixed monthly premium for your Medigap plan. This can make budgeting much easier because you know exactly how much you’re spending on healthcare every month.
Coverage for Foreign Travel
Here’s something many people don’t realize: Medicare doesn’t cover you if you get sick or injured outside of the U.S. That could be a huge issue if you’re someone who enjoys traveling in retirement. A Medicare Supplement Insurance Plan, however, can cover emergency healthcare while you’re traveling abroad.
No Network Restrictions
Another big perk of Medigap plans is that they don’t have network restrictions. Unlike some Medicare Advantage Plans, which may limit you to specific doctors or hospitals, Medigap allows you to see any healthcare provider that accepts Medicare. This means you won’t have to worry about paying out-of-network fees, which can add up quickly.
