What if you never had another hospital or doctor bill?
You're probably thinking, "yeah, but that'll never happen". I can understand your thinking that. Doctor and hospital bills are just a part of our everyday lives. But, once you're in retirement you'll find it's quite possible - if you can navigate the confusion of Medicare and make some wise choices.
Here's the gist of it. You'll have two options for healthcare when you get there - Traditional Medicare and Medicare Advantage. I don't like that it's called "advantage" because it's quite misleading. It comes with lots of co-pays, co-insurance, and deductibles. It isn't bad coverage, mind you, but it's not the best - at least for most people. So let's focus on traditional Medicare.
Basically this is a combination of Medicare Parts A (hospital) and Part B (doctor). Now, these two you can sign up for during your initial enrollment period at age 65, and alone, it's not great insurance. It covers, but it has major gaps. For example, if you need blood, you only get 3 pints - then you're on your own.
So, back to the title of this post - how to never have another medical bill. Two words - Medicare Supplement. I'm still amazed how many people aren't familiar with these policies. Basically, Medicare alone has significant gaps and this policy picks up the slack. If you want one that covers it all, the best bang for your buck is a Medicare Supplement Plan G (See my article on why it usually beats a plan F here).
So how do you decide on one? Basically all plan G's are the same. Except for two exceptions. While they have the same coverage, there are differences in price and service. You
want one that doesn't make it difficult to get your claims paid (service) and one that doesn't over-charge you (price). Most of my clients are with Mutual of Omaha and they'll tell you they love their plan. It's a great value and it makes their life easier. Whoever you get your Medicare Supplement plan from, you'll be glad you got it! Our team is always happy to help, or you can get a quote and apply online here.