Seniors can do a lot to avoid financial ruin from medical bills buy carrying supplement insurance with medicare. The cost is not out of reach.
Having been on the receiving end of an insurance pitch, most Americans shut their ears down automatically. This is unfortunate when the topic is supplemental insurance. Supplements to your major health insurance program have always been a good idea. This is especially true for supplement insurance with medicare. Medicare was not intended to be a full coverage program and it is not set up to cover many long term expenses. For many, who thought they were covered in their declining years, it will add the discomfort of debt to the illness or injury that’s already causing them to suffer.
For example, if you’re hospitalized for over 60 days, then you are required to pay $289 a day out of your own pocket. If this goes to 90 days, then you will be required to pay the whole cost yourself. Any extra expenses that are not covered will be your responsibility as well. This can include specialists that charge more than the medicare base rate. Their cost overrun will be your responsibility as well. Right off the top, you are expected to pay all deductibles. This will be the first $1500.00 of any extended hospital stay. If you have a supplement insurance with medicare, then at least you can have a chance of staying financially stable.
As with any kind of insurance product, there is a certain amount of buyer awareness required in getting the right coverage for you. Supplement insurance with medicare that covers, or at least address, these insurance shortfalls are quite numerous. Some are tailored to help you with the most essential cost overruns, and in so doing keep the premiums down. Others are more expensive and include some financial products as well. It is always a good idea to consider other policies like additional cancer coverage or even a small term life policy.