Do I Need Medicare Supplement Insurance Coverage?
Are medicare supplement insurance costs worth it for seniors? Under some circumstances, seniors find that Medicare supplement (Medigap) policies are well worth the cost.
Parts A and B of Medicare pay only a portion (usually 80 percent) of hospital and medical costs and each of these coverages has a deductible. If you buy a Medicare supplement policy, it will pay a portion of what original Medicare does not pay. Some will pay the deductibles; some won’t. Medicare has issued a publication, available online, that contains all the information you need about these plans, except for their costs. Google “medicare supplement plans” and you will see a direct link to the pdf.
My Health Is Good. Why Would I Need A Medicare Supplement Policy?
Your health can and probably will deteriorate as you get older. While you are guaranteed coverage if a Medigap policy is bought during the six month open enrollment period following your eligibility for Medicare, the insurance companies can and will refuse to issue coverage at a later date, depending upon your health status.
How Do I Compare Policies And Pricing?
Medigap policies were planned by collaboration between Medicare and a group of state insurance commissioners. All Medigap policies of the same letter – A, B, C, D, F, G, K, L, M, N – are required to provide the same basic coverage. If you compare medicare supplement insurance costs for Coverage A, each company’s Policy A should be identical except for cost. You should be able to compare costs online.
What If I Can’t Afford The Medicare Supplement Insurance Costs?
If you have health issues, you will probably pay less in health costs overall if you sign up for this insurance during your open enrollment period. If you have any joint replacements or other costly medical procedures that have been recommended by your doctor, you should figure medicare supplement insurance costs into your budget. These products are insurance policies, not Medicare, and insurance companies only survive if they make a profit from their overall pool of policies. They probably will not accept you at a later date if the above applies to you.