When Medicare insurance is not enough, consider supplemental insurance with Medicare policies to fill the gaps.
If you are not really sure that Medicare is going to cover everything you need, it’s time to think about adding supplemental insurance with Medicare to ensure coverage. Many people think that once they turn 65 they are covered with medical insurance. Think again. On the average, a typical basic Medicare policy will cover a person who is 65 years old up to about 65 percent of your yearly costs for health care.
If you start adding in all the co-payments, deductibles and the co-insurance that is required by Medicare, along with the many things that Medicare won’t cover, the estimates show that couples will need over $250,000 to cover medical costs that aren’t covered by a Medicare policy.
Because most people don’t have all this cash to come up with for insurance, supplemental insurance can be taken out. Up to 25 percent of all people join the Medicare Advantage program, 33 percent have military or employer coverage, 15 percent have Medicaid (a state program for the poor) and 17 percent will purchase supplemental insurance with Medicare through a program called Medigap. No matter which option you choose, the expenses will be less than if you did not have supplemental insurance.
A Medigap policy is there to help you take care of out of pocket medical expenses. A monthly premium is charged based on your location, age and health. To receive Medigap you must me enrolled currently in the Medicare A and B. You must make sure you buy the right product which is labeled “Medicare Supplemental Insurance” and you should enroll in it when you turn 65. The program has to accept you and they can’t turn you down for preexisting conditions. They also cannot charge you more money for health issue now or in the past.