When seniors retire, a lot of them want to start traveling. Maybe you’ve been wanting to see the world, but you were never able to take the time while you were working. Retirement is the perfect time to fulfill those dreams of seeing other places.
Another part of retirement is Medicare. This is how retirees get their healthcare. When you are traveling, you don’t want to worry about having to pay for hospital bills or medical fees.
Today, there are ten standardized Medicare Supplement insurance. Each one is identified by a letter, with Medicare Supplement Plan A being the most basic, and all other plans providing additional, more comprehensive sets of benefit offerings such as Medigap Plan F.
One unique factor about these plans is they are regulated by the government. Unlike other insurance policies, carriers are required to give certain categories of protection.
Medicare Supplement Insurance and Travel
Because many retirees like to travel, it may be important to choose a Medigap policy which offers additional travel benefits. In 2016, Medigap plans C, D, F, G, M and N all offer health care coverage for foreign travel emergencies when you are traveling outside of the United States.
In addition, although Medicare Supplement Plans E, H, I, and J are no longer available for purchase, if you had purchased one of these policies prior to June 1, 2010, then you are allowed to keep it, as well as to take part in the benefits for foreign travel emergencies that these plans provide.
The benefits that are offered by Medicare Supplement Plans C, D, F, G, M, and N include a payment of 80 percent of the billed charges for certain medically necessary emergency care outside of the United States after a $250 deductible has been met for the year.
For anyone that has ever experienced any medical emergency, you know that having 80% of the services covered is a significant benefit.
You should note that foreign travel emergency care will be protected if it begins during the first 60 days of the policy holder’s trip – and if Medicare does not otherwise cover the particular care that is being received.
Shopping for a Medicare Supplement Policy
When buying a Medigap policy, there are several criteria to keep in mind. As we mentioned earlier, although the benefits in each Medigap plan of the same letter has the same coverage. The protection is the same, but the prices won’t be. Therefore, it is important to shop around and to compare premium prices prior to deciding on a Medigap policy. You could receive drastically different monthly rates from one company versus another, even though you’re getting the exact same plan. Because there are dozens of insurance companies that sell these supplemental policies, you could spend hours talking on the phone to different agents. Instead of calling the agents and receiving the quotes one at a time, let us bring the lowest quotes to you.
In addition, it is also important to check the financial strength rating as well as the claims paying history of the insurance company that you plan to purchase your policy from. This is because you want to be sure that the insurer has a good reputation in the industry for paying its Medigap claims to recipients.
Deciding which Medigap policy is best for you can be a difficult process. If you plan on traveling frequently, foreign medical emergencies is going to change your decision, but there are other things to think about. You’ll also need to take time to consider your health, finances, all of your options, family history, and much more. It’ s an extremely important decision when deciding which Medigap policy works best for you.
Other Important Considerations when Traveling
Prior to traveling outside of the United States, you should discuss your travel plans with you Medicare Supplement insurance agent in order to get the exact details regarding what your policy will and will not cover while you will be traveling. This way, you will know what to expect in case an emergency does occur.
Hopefully you’ll be able to enjoy your trips and vacations without any emergencies, but anything could happen, especially when you’re in a country or place you’re not familiar with. Every year there are Medicare enrollees that are traveling outside of the United States when a medical emergency arises. They receive excellent health care, but then they find themselves stuck with huge hospital bills that Medicare isn’t going to pay for. This is where the supplemental policy comes in.
For anyone that plans on traveling during retirement, it’s vital that you get coverage that is going to protect you against any emergencies that you may experience. Those massive foreign medical emergency expenses can quickly put a damper on your vacation or any vacations in the future.
Have questions? Want to partner with our independent agents? Give us a call and we can get you the coverage you deserve.