Short Term Medical Plans. This type of medical coverage was created about 40 years ago! The cost, to issue a medical insurance plan, can be very expensive when the carrier is checking on medical history and other details. Insurance carriers found out that many people were wanting medical coverage because they had a short-term need. In many cases, soon after the underwritten medical plan they purchased was issued, the consumer dropped the coverage because their situation changed. The typical “short-term” plan would not provide benefits for a “pre-existing” condition. Coverage can be purchased for 30 days and up to 36 months. The cost for the coverage is dramatically less than a fully underwritten medical plan!
Medicare Supplement (Medigap) Insurance Plans. These plans have been around since the advent of Medicare coverage for seniors (July 30, 1965). Because of the multitude of choices in the these designed plans, the industry has created plans by alphabetical choices – A,B,C . . . By having standardized plans, seniors are better able to choose the coverage that best fits their personal needs.
Medicare Advantage plans and Prescription Drug plans! Many seniors are looking at this as a source to cover their medical expenses. Basically you are agreeing to allow an insurance carrier to handle your medical insurance needs. Based on where you live will determine the type of plan and the cost. Many of the Medicare Advantage plans also provide coverage for Prescription Drugs. Medicare Advantage carriers are competing for your business and many offer “additional” coverage or benefits to get you to choose them.
If you are interested in additional information please email or call me and we can discuss!