Is secondary insurance to Medicare essential, necessary or frivolous? When it comes to your health, and how to best safe guard it financially, you need something beyond the bare bones of Medicare.
Medicare is a federal program which is intended to help protect its members from a financial disaster due to medical and other health related expenses. However, medicine has advanced far beyond what Medicare was meant to cover.
Medicare has added programs as a result of demands made by its recipients for additional coverage of expenses not originally covered, such as Part D for prescriptions. Although the use of generics have increased, lowering the cost of those prescriptions, there are still notable classes that are still proprietary. So instead of a minimal fee of $4 for a months supply of the generic, these drugs may cost upward of $300 for the same months’ supply. Medicare is limited as to how much it will pay for any individuals’ payout resulting in what is termed “the doughnut hole.” At that point, the individual is responsible for the entire cost.
Besides Part D coverage, secondary insurance may help cover expenses incurred with durable goods which your doctor might prescribe, such as oxygen condensers and mobility devices. Mobility devices may include scooters and wheelchairs. Other durable goods are hospital beds for the home and even sit-down bathtubs and showers.
Of course, everyone’s personal health and finances are unique and there are few applicable blanket statements. That being said, how much is your piece of mind worth? Resting at night, knowing that your health is covered and your finances safe guarded, may provide such a sense of well being.