Why a Medicare supplemental insurance plan is worth opening this August

The timing surrounding your financial decisions is always important to get right. And when it comes to select insurance protections, it\u0027s even more critical. Sign up for an insurance policy prematurely and you may find yourself paying for protections you don\u0027t need and can\u0027t effectively use. Wait too late, however, and you\u0027ll almost certainly wind up paying higher premiums for reduced coverage. Getting the timing right, then, can be the difference between affordable protection and getting priced out entirely \u2013 assuming that you can even qualify if you ultimately find yourself applying later in life.With this understanding, applying for a Medicare supplemental insurance plan merits serious consideration this August. This type of insurance can help cover the costs tied to leftover Medicare deductibles, co-insurances, co-pays and hospital costs. It functions as a gap between Medicare and what you\u0027d otherwise get stuck paying out of pocket. So, having a "Medigap" plan in place is almost always critical for those living on limited incomes, but is that still the case? Below, we\u0027ll detail three reasons why a Medicare supplemental insurance plan is specifically worth opening this August.Start by checking your availability and enrollment options online today.Why a Medicare supplemental insurance plan is worth opening this AugustNot sure if now is the right time to add another monthly premium to the mix? Here\u0027s why a Medicare supplemental insurance plan can be a worthwhile addition:Inflation isn\u0027t easing upInflation fell in the most recent report released from the Bureau of Labor Statistics but that only came after a surge past 4% in the prior month. Still more than a full percentage point above the Federal Reserve\u0027s target 2% goal, inflation remains a daily concern for millions of Americans, leading to higher costs on everything from gas to groceries.\u00a0Against this backdrop, there\u0027s less disposable income than usual to help cover medical bills and expenses that Medicare doesn\u0027t pay for. A Medicare supplemental plan can easily pay for itself, however, by giving you an added layer of protection. Money is especially tight now for those reliant upon Medicare. It doesn\u0027t make sense to keep it that way, however, if a supplemental plan can offer real relief.Learn about the Medicare supplemental plans available to you here.Borrowing costs are positioned to rise higherIn today\u0027s inflationary climate, borrowing costs are positioned to rise even higher. If the Federal Reserve moves ahead with an interest rate hike in September, as many expect, rates on borrowing products will rise with it, perhaps even before that increase is officially announced. That will mean a spike in costs for everything from home equity borrowing to credit cards and personal loans and more.\u00a0If you don\u0027t have much additional budget to weather these increases, then, you likely won\u0027t have even more to pay for healthcare expenses. A Medicare supplement can take that issue out of the equation, however, allowing you to strategize and deal with higher borrowing costs without also having to worry about your extra healthcare expenses at the same time.Your long-term care costs are also rising at the same timeThe costs associated with long-term care, whether that be via a nursing home, assisted living facility or in-home caretaker, are also rising rapidly, CBS News recently reported. And that will continue to eat away at the funds you may have otherwise had accessible to pay for additional medical bills.\u00a0There\u0027s only so much money available after bills each month, after all, and if long-term care costs are causing that amount to decline, it makes sense to leverage what\u0027s left as best as possible so you can at least avoid paying leftover Medicare costs, too. A supplement can help.The bottom lineA still sticky inflation rate (and the corresponding effects), elevated borrowing costs that are positioned to rise even further in the weeks and months ahead and the reality of long-term care costs already rising all combine to reinforce the advantages a Medicare supplemental plan offers this August. Just be sure to thoroughly shop around, comparing policies, premiums and providers to ensure that the one you ultimately select is the right one for your needs and goals. Fortunately, with online marketplaces listing multiple providers in one easy-to-navigate location, it\u0027s easier than ever to start this process right now.

Indexed and credited by AIPROPX. Originating outlet: CBS News — Top. Open at source →