The Health Insurance Medicare supplemental policy for those people who don’t believe they need one.
Once you have reached the age of 65, you will qualify for Medicare. The question that you will need to answer is whether you should buy a health insurance medicare supplemental policy. For most people, the answer is yes. Medicare will pay approximately 80 percent of your medical bill, leaving you with the balance. The amount of the bill you are responsible for can become quite large after a few days in the hospital. Even if you are healthy after the age of 65, a serious health issue requiring expensive treatment can happen unexpectedly. If you have any assets that you want to protect in your retirement years, you need the protection of a health insurance medicare supplemental policy.
These policies are standardized under federal law and available in 10 different variations. Depending upon how much coverage you need, there are a range of premium costs. All 10 plans have basic coverage. The health insurance medicare supplemental plan that contains only basic coverage is called Plan A. If you don’t think you need supplemental health insurance, this is the plan you need to think about buying. If you ever end up with a large medical bill, you will be happy you had this supplement plan.
Although it does not pay for your deductibles under Medicare, it will pay the twenty percent the Medicare does not pay for after you deductibles have been met. It will also pay for 365 days of hospitalization and the blood deductible of three pints under Medicare. Because this plan has only basic coverage, it is the lowest cost of the 10 standard plans offered by health insurance medicare supplemental companies. However, this basic coverage will pay a large portion of your medical bill and prevent a financial crisis in your retirement years.