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Supplemental Medicare Insurance: How it Makes Retirement Brighter

Illustration for article titled Supplemental Medicare Insurance: How it Makes Retirement Brighterem/em

Much has been said about Supplemental Medicare Insurance Plans (otherwise known as Medigap) as being an important tool for baby boomers to purchase. After all, this insurance policy is designed to help individuals pay for the “gaps” (out-of-pocket charges such as coinsurance fees, deductibles, and copayments) in Original Medicare Plans. And seeing how important this is, particularly in the state of financial pinch that most boomers are in (more about this below), we’d like to share more benefits on this retirement solutions.


After all, everyone deserves to have a brighter future. A bleak or blurry future definitely isn’t what one needs after a lifetime of hard work!

Breaking Down the Gaps

As a rule of thumb, Supplemental Medicare Insurance Essentials deal with the often-expensive expenses not covered by Original Medicare policies. To give you a clearer understanding on how these costs are damaging, we’ve listed a few gaps below:

· Deductibles on hospital admissions

· Coinsurance charges for daily hospital stays

· Fees for private hospital rooms and private nurse services

· Skilled-Nursing Facility charges

· General Nursing Home charges

· Prescription drug costs

· Homemaker services fees

…and more! The health care costs, as revealed by a Commonwealth Fund study, is a heavy burden for a significant number of Medicare beneficiaries. With about a quarter (approximately 15 million individuals) of Medicare policyholders spending more than 20% of their household income on insurance premiums and health care costs, managing funds during the twilight years may be a challenging task to do. And excluding the premiums, the health care costs paid by these affected policyholders amount to an average of $3,024 per year.


The Case of Boomer Financial Troubles

Let’s discuss more about the financial state of what most boomers are facing. The above statistic, which is already a heavy burden, is given more weight when connected to a survey conducted by the Insured Retirement Institute (IRI). According to the report, more than half (45%) of the boomer respondents stated that they have not been able to set aside money for the golden years. Additionally, more boomers are less confident that they will have enough funds to last throughout retirement. Only 24% of the respondents have the drive and resources to make their financial assets last, versus the 36% statistic five years ago.


Seeing how drastic financial management may be for most boomers, there definitely is a need for one to reap the benefits of a Medigap plan.

Light Up the Way

Learning more about and purchasing a Medicare Supplement Insurance plan is definitely the way to go to illuminate the otherwise darkness of retirement financial management. To help you identify Medigap costs and to compare Medicare Supplement plans, make sure to request for a supplement quote online. Sites such as offer a free Medigap quote for applicants to take advantage of; government sites such as will give you access to updates and resources on policies.


Your future can definitely be brighter with a Medigap Insurance policy. Please let us know if you have any questions about Medicare Supplements – we’re more than happy to hear from you!

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