Seniors Are At Risk of Medical Bankruptcy Without A Medicare Supplement Plan. Important tips for choosing the right plan.
Every senior is at risk of contracting a serious medical condition that could cause them to declare bankruptcy. For example, Medicare inpatient hospital care is covered, but from day 61-150 there is a $289 co-pay per day. With a Humana Medicare Supplement Plan there would not be any co-payment after day 7. Medicare generally pays 80 percent of other medical costs and some medical costs are not covered at all. This is why seniors need additional health insurance with medicare.
A universal medicare supplement plan that covers every geographic area does not exist. The first point to check is the availability of plans in your area, and the second point is to check whether your doctors are providers under the plan. All medicare supplement plans vary in cost, services provided, and in providers who participate in the plan. The plans can vary by counties within a state.
A list of providers of medicare supplement providers is available from Medicare. These lists usually provide a brief description of the plan and the monthly premium. Compare the monthly premiums and select those to study that are affordable. For example, Humana has a wonderful plan for citizens in Texas that costs $47 including prescriptions while a similar AARP plan is $112. There is very little difference in the coverage.
When considering which medicare supplement plans to study consider your medical care needs. Study patient reviews of the plan also.