Is Medicare Supplementary Insurance a Wise Decision?
The secrets of Medicare Supplementary Insurance revealed, or how NOT to outlive your wealth. This important information is for seniors on Medicare.
There comes a time in most seniors’ lives when they will be hospitalized for any number of unforeseen conditions. Even if they do not have diabetes, cardiovascular disease or other illnesses, the unexpected is unfortunately all too likely to occur. For this reason it is urgent that seniors have the kind of Medicare Insurance that can cover procedures that they never imagined as being possible for themselves.
What Does Medicare Supplementary Insurance Cover?
While Medicare can pay up to 80% of the cost of their hospitalization, the remaining 20% can put seniors’ budgets into disarray for quite some time. Regular monthly bills may remain unpaid; food costs, which are rising every year, may be impossible to completely meet, and poverty may loom as an ugly possibility.
How Medicare Supplementary Insurance Works
Those who have Medicare Supplementary Insurance can rest easy. This is insurance that pays out of pocket expenses, typically 20% after Medicare pays 80% of medical bills. This 20% can be astonishingly high. It is a welcome relief for those who have prepared for medical emergencies. Please be advised there is no medicare coverage, or very little, for many needed medical services, such as certain specialists and diagnostic tests. Again Supplemental Medicare Insurance can step in and help pay for these.
A Typical Medical Emergency
For emergency surgery for a hernia operation, for example, recently the reported cost is anywhere from $6,200 to $8,800 depending where in the country you live. At 80% Medicare would pay $5,900 in Dallas, leaving you to pay the other 20%, or $1,180. In Los Angeles, the operation costs about $8,800, which leaves you to pay $1,760 after Medicare pays 80%.
These 20% costs seniors would have to pay can be staggering to typical retired people. It would be wise to be prepared for medical emergencies with this supplementary insurance