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Medicare Insurance Brokerage …

When one approaches the retirement age of 65 years, the general idea of the good life is kicking back, relaxing and perhaps doing some traveling and pursuing leisurely hobbies. However, this is not the reality for many would-be seniors in America. 

While some do have money set aside supposedly for retirement, the fact is that many are not prepared for the cost of maintaining their health in their old age. This is why Medicare and even Medicare Supplement Insurance are necessary. The former is government-provided and, fortunately, many private insurance agencies offer the latter in majority of U.S. locations. Individual Assurance Company Life, or IAC Life, is one of them.

Medicare Supplement Insurance is an insurance product whose inclusions have been standardized by the federal government but is sold through private agencies. It is an add-on to Original Medicare, which is provided directly by the state, and is optional. However, given the increasing cost of healthcare and the fact that many would-be seniors have little to no retirement funds, having a Medigap plan has been a necessity. 

Medicare is designed for the following people:

Those who are 65 years old and up

Those who are under 65 but have been diagnosed with a disability

Those who have End Stage Renal Disease (ESRD) at any age

In order for you to qualify for any of the Medigap policies, you must already be a member of Original Medicare Part A and Part B. That is, the monthly premium that you will be paying for the Medigap plan you choose will be on top of what you are already paying for your Part B membership. 

Note that the “gap” in Medigap refers to those healthcare products and services that the government is not able to provide free due to budget constraints. Thus, with an Original Medicare plan plus a Medicare Supplement plan, an individual can expect to be covered for majority of his or her needs when he turns 65 years old for a minimum cost. 

If you opt not to apply for any supplementary policy and simply rely on your Medicare membership, then you need to be prepared for the expenses that might come with old age in the future. However, really, wouldn’t it be better if you spent all that hard-earned retirement money on things that make you happy—instead of paying for healthcare? 

Private insurance agencies are not required to sell all of the Medigap plans that the government has set, so if you are looking for a specific policy, check first if the ones in your area are offering it. IAC sells several Medigap plans: A, B, C, D, F, G, and N. Here’s a comparison of its most basic (Plan A) and most comprehensive (Plan F) offering.