There are other options to consider if your plan is not working with your budget. Additionally, it is worth seeing if you may qualify for extra help or Medicaid, if your income and assets are low enough.
Medicaid helps many low-income people on Medicare with their Medicare premiums and cost-sharing requirements, and may also cover some benefits that are not covered by Medicare, such as dental services and long-term services and supports. To find out if you qualify, you can contact the State Medical Assistance Office or the State Health Insurance Assistance Program (SHIP) in your state. Even if you do not qualify for Medicaid you may qualify for extra help on medication costs.
If you do not qualify for Medicaid and you want to stay in traditional Medicare, you could try to switch to a less expensive Medigap policy. However, if you are applying for a Medigap policy outside your initial open enrollment period, then in most circumstances, insurance companies are allowed to deny your application based on medical underwriting. Contact Twin City Underwriters to find more information about the Medigap plans available in your area. Their experienced agents help ensure your plan selection meets your budget and lifestyle needs.
Another option could be to enroll in a Medicare Advantage plan. Medicare Advantage plans provide all benefits covered under Medicare Part A and Part B, but often have lower cost-sharing requirements than traditional Medicare. They also have limits on out-of-pocket spending, but include physician networks, which means that you will pay more if you see a provider out-of-network. Medicare Advantage plans may charge a premium in addition to the Part B monthly premium.
For free assistance with understanding your options for supplemental coverage, contact Twin City Underwriters today.