Why Medicare Supplement Insurance policies may be worthwhile.
Having Medicare Part A and Part B will not cover all your medical costs, should you become ill. If you have an on-going illness requiring frequent trips to the doctor, or need to take medications every month, you could find your out-of-pocket expenses more than you can afford.
There are some people who don’t need Medicare Supplement Insurance plans. People on state sponsored Medicaid, which helps low-income seniors, covers the differences in benefits. But even Medicaid has it’s limits. There are supplemental insurance plans designed for veterans and their families. These government-sponsored plans are only available to veterans.
Some seniors will have private insurance plans or employer sponsored group insurance plans. Private plans may be sufficient to your needs, and with Medicare Part A, will be fine as long as needed. Employer sponsored group insurance plans work the same way. All that’s needed is Part A Medicare. When a person retires or the group coverage stops, then you can enroll in Medicare Part B and pick up Medicare Supplement insurance policies without penalty if bought within 6 months.
If you are switching over from a private insurance plan, or an employer group plan, then you have probably been used to having little if any out-of-pocket expenses. Adding a supplemental insurance plan to your basic Medicare coverage is a good idea. For those people taking monthly medications, Medicare Plan D is almost a must, as some medications run into the hundreds of dollars every month. Think about your overall health when deciding on additional coverage, and the ultimate cost involved.