Three reasons to consider a Medigap plan this August
Experts advise enrolling in a Medicare supplemental plan in August to offset inflation, rising borrowing costs, and increasing long-term care expenses.
Inflation remains well above the central bank’s 2% goal, limiting disposable income for those who rely on Medicare. A supplemental policy can fill the gap left by deductibles, co-insurances and co-pays, potentially paying for itself. Expected increases in borrowing rates could raise the cost of home-equity loans, credit cards and personal loans, adding pressure on household budgets; a Medigap plan can help separate healthcare expenses from those financial obligations.
Meanwhile, the cost of long-term care services such as nursing homes, assisted-living facilities and in-home aides continues to climb, further eroding savings. Consumers are encouraged to shop around, using online marketplaces that list multiple providers, to find a plan that matches their needs and financial goals.
Why it matters
Medigap can protect seniors from rising medical and financial pressures in a high-inflation environment.
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