Is a Medicare Supplemental Plan Worth the Additional Cost?

A Medicare supplemental plan comes with a cost but is often worth it because of the coverage provided.

If you on a fixed income, disabled or do not work anymore, then finances may be a challenge. Medicare provides you with some coverage but is usually not all you need. Medicare leaves many gaps that are covered by supplemental plans. A supplement plan may be worth it because it can save you money in the long run.

Your Plan

Look through your plan, ask family to double check, or contact the Medicare hotline to help you fully understand what is in your plan. If you bought or are thinking of buying a Medicare Advantage plan, a medicare supplemental plan may not be worth the cost. Advantage plans are bought through private insurance and may provide all the services you need.

Medicare Part B

Be realistic about your needs when determining if you need a Medicare supplemental plan. Medicare Part B is a necessary supplement for many people because it offers basic services Medicare Part A does not cover. These services include out patient costs like regular visits to the doctor or preventative care. You will probably pay high out of pocket costs for services you require if you do not purchase this supplemental insurance.

Medicare Part D

Not everyone needs Medicare Part D, but the extra cost is often worth it for those who do benefit from the plan. Part D helps pay for prescription costs. If you need multiple medications regularly, then consider this plan. You may not need it if all your prescriptions are generic, but it helps with expensive prescriptions costs.

The Bottom Line

Adding new costs for premiums and co-pays to your budget can be stressful. However, a Medicare supplemental plan could save you thousands of dollars if an emergency occurs.

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