Medicare Life Insurance: Is There Such a Thing?



n: Does Medicare Offer A Life Insurance Policy?

Seniors, as well as others who meet the qualifications to be enrolled in Medicare, often wonder, “Is there a medicare life insurance policy? And how do I apply?”

Medicare Versus Life Insurance

Medicare is a government offered program to assist its members with medical bill. It is offered in parts: A, B, D and Supplemental.
Part A helps with medical services, such as at hospitals.
Part B helps with doctor charges and durable medical goods, such as hospital beds or mobility devices.
Part D is for prescription medicines, especially when there is no generic equivalent available.
Medicare supplementals are offered for Medicare by other health insurance companies to offset those charges and fees not fully covered by Medicare.
Life insurance is a policy that pays at the time of death or dismemberment, depending on the policy’s structure. As such, it is not available from Medicare.
So, the short answer to “Is there such a thing as medicare life insurance?” is, at present “No.”

If No Medicare Life Insurance, Then What?

Your options are not as limited as you might fear. Traditional life insurance may be available as either whole-life or term. Also available are insurance policies that are variously referred to as “Final Expenses” or “Supplemental.” The latter two are often advertised on television and are billed as “no one is ever refused” or “no health questions asked.” They are limited as to the amount that is payable, and it usually is capped. If you are looking for a medicare insurance plan that will pay your survivors a substantial sum, whole life or term is your better option.
But please consult your professional insurance agent for all the details and limitations before purchasing. Remember, failure to maintain premiums will void payout.



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