Will your medicare cover all of your medical needs? Quite often, the answer is no. Find out your options and alternatives in this informative article.
Too often patients assume that medicare will be enough to cover all their medical expenses. Unfortunately, medical costs have skyrocketed in recent decades as people live longer, more active lives. To ensure good health and stable finances, it may be beneficial to purchase supplemental insurance to cover the gap medicare cannot.
Medigap coverage, or medicare supplemental insurance, covers the amount that your medicare coverage cannot. This can be of vital importance in the event of medical emergencies or complex medical problems that may crop up later in life. No one ever wants to feel like they have a choice between their health and financial stability.
Like most insurance plans, medicare doesn’t cover all expenses but rather a percentage. Medicare covers 80% of most medical costs, but it doesn’t cover item such as prescription medications. There is also a deductible amount for many medical procedures. While 80% may seem like a significant amount, medical costs can measure in the tens of thousands, leaving you with thousands of dollars of medical debt. The unfortunate reality is that most of us will suffer at least one significant medical problem towards the end of our lives.
For those lucky enough to get through their senior years with minimal health issues, medicare coverage may be enough. However, for the vast majority, it won’t. The 20% gap in what medicare will cover becomes a substantial problem when you consider potential health problems such as cancer, diabetes related illness, or medical emergencies. Consulting your insurance agent or an insurance broker can help you ascertain whether or not more medical insurance coverage is needed for you.