Quick guide: Do you need Medicare supplemental insurance?

Business News | 29 Oct |

You’ve worked your entire life. All of that work has led up to you reaping the benefits of the Medicare program. Given the rich history of this program that’s been around since 1965, those benefits seem like a sure thing.

Now, quickly approaching the ripe old age of 65, you’re almost ready to claim your Medicare benefits. Have you ever asked yourself just how far those benefits will take you? More specifically, have you ever asked yourself:

Do I need Medicare supplemental insurance?

But why would you need supplemental insurance anyway? Isn’t Medicare good enough to support you in old age? Given the rich history of this program that’s been around since 1965, those benefits seem like a sure thing.

Perhaps not. Keep reading to find out why.

When Medicare Isn’t Enough

Medicare provides our elderly population with an important safety net. In fact, when Lyndon B. Johnson first established the program decades ago, he had one particular goal in mind:

To ensure that older Americans could enjoy the “healing miracle of modern medicine.”

Unfortunately, though, Medicare has its drawbacks.

One such drawback is the out-of-pocket expenses. Some plans, for instance, only cover a certain percentage of your costs (e.g. 70 or 80 percent). That means that you have to shoulder the rest of the costs of your treatment.

As it turns out, Medicare only covers the cost of certain medical treatments. Let’s say, for example, that you started losing your hearing at age 67. Well, Medicare typically won’t cover the cost of your treatment.

Furthermore, Medicare doesn’t usually cover the cost of visits to eye doctors or dentists. In other words, you’d rack up a lot of out-of-pocket costs if you didn’t have a supplemental plan and received these treatments.

Do I Need Medicare Supplemental Insurance?

So do you need Medicare supplemental insurance? If what we’ve said thus far is any indicator, it’s an absolute must.

That does leave you with one important question:

What’s the cost of a Medicare supplemental insurance (or Medigap) plan?

Let’s take a closer look:

The Cost of Medigap

Medigap plans aren’t free, but they’re well worth the cost. Fortunately, the costs aren’t exponential.

Typical insurance plans, for example, take your age into consideration. Medigap plans, however, don’t use your age to calculate costs–assuming, of course, you enroll during your Initial Enrollment Period.

The type of plan you choose will also affect the cost of your supplemental insurance. There are several plans to choose from, some more comprehensive than others. Needless to say, the more comprehensive plans come with higher premiums.

All in all, it’s up to you to select the plan which best suits your needs. You can view more information about the costs of Medicare supplemental insurance if you click the link we’ve provided for you.

Consider Getting Medical Supplemental Insurance

“Do I need Medicare supplemental insurance?” In truth, if you’re still asking yourself that question, we recommend that you invest in a Medigap plan.

Because here’s the truth:

Disaster can strike at any moment. And while Medicare is great, it’s just not as comprehensive as disaster calls for.

After you’ve selected a Medigap plan, don’t forget to check out our lifestyle section for other useful tips. You can also contact us if you have any questions about the content you find here.

 

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