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Ten Steps for a Sound and Secure Retirement

8. Buy "Medigap" Supplemental Insurance.


- Medicare will only pay about 50% of your health care needs. You need supplemental insurance coverage.

- Select a plan and shop for good pricing.

- Buy this insurance within 6 months of turning 65 without fail (otherwise insurance companies can refuse you).

Definition


Medigap Insurance is health insurance sold by private insurance companies to fill the "gaps" in the health care coverage provided by Medicare. There are several standard Medigap plans set by the federal government which afford different amounts of supplemental health insurance coverage.

Tools and Resources


Visit www.medicare.gov/medigap/default.asp to learn more about Medigap Insurance. For a comparison of standard policies, visit http://kff.org/medicare/7067/med_longterm.cfm

Quote

"We've got Americans who can't even pay for their 20% deductibles, and that's wrong. You work hard in this country, you pay taxes, healthcare should be affordable for all Americans, and we're going to have to solve that problem." David Bach.


Go to Step 9: Buy long-term health care insurance
Go back to main 'Steps' page

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