Are Medicare Supplements Worth the Additional Cost?

In a struggling economy every dollar adds up. Are you just throwing money away on Medicare supplements? Are they truly benefiting you?

You can either save your money for when it is needed or pay it out in premiums for Medicare supplements when your only need is “just in case”. Chances are you are on a somewhat limited income, therefore you should also limit your expenses.

Restricting Expenses On a Restricted Income

The monthly premium for Plan B is approximately one hundred dollars and still can be limited in its covered expenses. For example, take the colonoscopy, an exam performed frequently. The cost fluctuates but averages around seven hundred and fifty dollars. If you have a three hundred dollar deductible, and a hundred dollar premium, your out of pocket expense is four hundred, more than half of the cost.

A Helping Hand

All types of insurances have out of pocket costs including Medicare supplements. Costs you may incur would include a deductible, a co pay, and any amounts remaining after procedures not paid for by your insurance companies. Make sure you understand your coverage as well as your liabilities with any plan you select. Each state has a State Health Insurance Assistance Program and a State Insurance Department you can contact with questions or concerns.

Needs Verses Costs Of Medicare Supplements

If you have a great need for medical care then the costs will also be great. If you have little need currently for medical care you will be wasting money by purchasing additional coverage. Those most in need of Medicare supplements are people with chronic illnesses whom require regular medical treatments. If you are in the doctors office frequently a supplemental plan will keep money in your pocket, and who doesn’t need a little extra pocket cash?

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