Saving for retirement is extremely important and can feel like it’s never-ending. That means it’s even more important to know your options when it comes to making retirement doable. Medigap could be the answer for you. But what are the Medigap plan costs?
It’s not uncommon for Medigap costs to be overlooked when it comes to saving for retirement. But Medicare doesn’t cover everything, so often a Medigap plan is helpful in supplementing Medicare coverage.
Medigap plans are extra health insurance policies that are sold by private companies to help pay for some of the health care costs traditional Medicare doesn’t cover, such as copayments, coinsurance, and deductibles.
According to research done by Howmuch.net, these are the most costly and cheap states for Medigap coverage:
5 costliest states for Medigap coverage annually
5 cheapest states for Medigap coverage annually
Cost of Living Adjustment
When there is a Medigap inflation, Social Security recipients get a cost of living adjustment. That doesn’t guarantee that you will be able to afford a Medigap plan though. Factors like Medigap plan costs being based on your age make it difficult to make up the difference. The older you are, the more you will have to pay.
When deciding where to settle down in your retirement, it’s important to consider things like Medigap plan costs along with the cost of living. Sometimes, Medicare coverage alone isn’t going to make the cut if you want to enjoy your years after leaving the workforce.
The new Medicare Plus Card saves you up to 75% on things not covered by Medicare
Medicare doesn’t cover everything. Luckily, those on Medicare can now start saving on out of pocket expenses like prescription drugs, dental, vision, hearing, and more. Over 1 million people have already received their free Medicare Plus Card.