Medigap Plan G or Plan N at 65: Why the Plan Letter Choice Could Cost a Retiree $36,000 Over a 20-Year Retirement Quick Read – When choosing a Medigap plan, you shouldn’t just look at premium costs. – Each Medigap plan offers its own benefits and coverage. – If you use Medicare…
lot, a lower-premium Medigap plan could cost you more money in the long run. – Once you turn 65, you’re generally eligible to enroll in Medicare. But there’s more to the story than that
While original Medicare provides valuable health coverage, it can leave you with very expensive out-of-pocket costs. The deductibles, copays, coinsurances, and other out-of-pocket expenses you incur as a Medicare enrollee can add up quickly, straining your retirement budget. That’s where Medigap comes in.
Also known as supplemental insurance, Medigap policies are sold by private insurance companies and are designed to help pay many of the out-of-pocket costs Medicare enrollees incur. The scary thing about enrolling in original Medicare is that there’s no annual limit on out-of-pocket spending. Having Medigap could significantly limit what you have to spend.