|
1. Pays Medicare hospital
deductible Without
Medigap coverage, if you spend one night in the hospital, it will
likely cost you $840 (the Medicare hospital deductible).
2. Pays while traveling abroad
If you are sick or hospitalized
while traveling abroad, you will need to pay 100% of all costs
because Medicare does not have foreign emergency medical coverage.
3. Prescription drug
benefits available
If you develop a chronic illness, you can easily spend 10% or more of your
annual income on prescription drugs because Medicare has no
prescription drug benefit.
4. Preventative and at home
service Medicare
does not cover many medical services, like routine check-ups,
cholesterol screenings, hearing tests, eye exams, and at-home recovery.
5. Covers extra
expenses not covered by Medicare
Even for the services that Medicare
covers, you may have to pay up to 15% of the bill because doctors
and hospitals can charge more than what Medicare finds is "reasonable."
6. Must buy within
six months for guaranteed issue
If you don't buy Medigap coverage
within 6 months of enrolling in Medicare Part B, you may be declined
and you may be charged significantly higher premiums due to
pre-existing conditions that you have or may develop.
7. Non-cancelable if
kept in-force As
long as you keep paying your Medigap premiums, the insurance company
must renew your policy, regardless of your health.
8. 30-day free "look
period" All Medigap
policies come with a 30-day "free look" - if, within 30 days of
purchasing a Medigap policy, you decide you don't want it, you can get a
full refund. |
