Medigap Policies – The Baby Boomers’ Future Is Now

It wasn’t too long ago when Baby Boomers, or Americans born immediately after the Second World War, were at the cutting edge of business, government and other industries.  Those idealistic children and youth of the ’60s and ’70s had become the country’s decision makers, and become a part of the Establishment a good number of them had opposed so fervently back in their salad days.  But in about ten to twenty years, a lot of Baby Boomers will be eligible for retirement, with about 30 million needing to enter nursing homes and about 12 million needing long-term medical care.  With a lot of uncertainty hovering around regarding Medicare benefits, it may suddenly become a good idea to focus more on Medigap policies.

What is Medigap in the first place?  A Medigap policy is a supplement to standard, or Original Medicare coverage, and aptly fills in the gaps in the existing Medicare coverage.  Currently, there are twelve different types of Medigap policies available, ranging from Plan A to Plan L, and the health care coverage increases as you go up in plan.  Two new plans are set to be introduced on June 1, 2010 – Medigap policies M and N, while Medigap policies E, H, I and J are due to be phased out.  Still, there are a lot of options available for anybody wanting to take advantage of Medigap.

For those who wonder when the right time would be to subscribe to a Medigap policy, it would be best to do so in the first six months after you turn 65.  Open enrollment period would remain active during this period.  Enrollment in Medicare Part B is a prerequisite, and during this six-month open enrollment period, no insurance company can decline to offer a Medigap policy in any case.  But regardless of when you decide to subscribe to a Medigap policy, it is always best to consult with a Medigap or insurance professional to come up with the policy that would best suit one’s financial and health needs.  And with a wealth of online resources available, the Internet could serve as a good guide for Medigap policies as well.  All it takes are a few clicks of a mouse and you can get all the information you need online.

Historically speaking, it was indeed a great time to be young back in the prime of the Baby Boomers’ lives.  Changing technology and culture made the ’60s and ’70s a turbulent, though nonetheless exciting time to grow up, and the experiences of the past combined with ever-changing trends helped Baby Boomers in becoming productive members of present-day society.  And speaking of trends, we believe that today’s technology and variety of options would make it easy for the soon-to-retire or retiring Baby Boomer to select the right Medigap policy to help him or her enjoy the rest of his or her years without having to worry about a lack of funds or a lack of coverage.

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