Santa Monica and Los Angeles are home to many people who qualify for Medicare because they are age 65 or more. The senior years are an exciting time, providing the opportunity to pursue new activities and interests, but these years also mark a sea change in health care insurance choices. For most people, it is the first time that they have needed to factor government-supported benefits into their health insurance planning.
When a person turns 65, he or she becomes eligible to receive Medicare health insurance, a federal program funded with taxpayer dollars. Medicare is not a health insurance cure-all, though. The program does not cover all medical treatments, medications, or supplies. The difference between what Medicare covers and what it does not cover is popularly referred to as the Medicare Gap, or Medigap for short.
The cost of the medical services not covered by Medicare can be staggering. For example, Medicare Part A covers the recipient’s hospitalization. However, it also includes deductible and coinsurance amounts that can run into the thousands of dollars. Medicare Part B covers about 80% of qualifying expenses, but it leaves 20% of the fees to be paid by the policyholder. In addition, Medicare Part B requires the policyholder to pay an annual deductible.
To protect themselves from the high cost of gaps in Medicare coverage, many seniors buy private health care insurance that supplements their Medicare coverage. This “Medigap insurance” covers only those treatments and procedures that Medicare does not. As a result, the premiums for Medigap health insurance are smaller than are premiums for traditional health care insurance. The value of Medigap insurance is that it protects a senior’s life savings from runaway health care costs at a time when the individual has little or no opportunity to recoup the money.
Medicare Part A, Part B, and the gaps in Medicare coverage present a bewildering challenge to most seniors. That’s why the health insurance professionals at Wilshire Health Insurance have taken the time to study the Medicare program in depth. We know what Medicare covers, what it does not, and what steps you need to take to protect your retirement savings from Medicare’s account-draining deductibles, coinsurance, and gaps in coverage. We can recommend Medicare supplemental insurance that will fill the gaps in coverage and give you the peace of mind that you have earned. If you are 65 or soon will be, let Wilshire Health Insurance prepare free quotes for Medicare supplemental insurance for you.