With the help of Medicare, millions of people get access to the care they couldn’t afford. However, Medicare is not free; enrollees are responsible for out of pocket payments for coinsurance, deductibles, and premiums. For those living on limited or fixed incomes, the medical costs add up quickly.
The people who don’t understand out of pocket risks with Medicare Part A and Part B (Original Medicare) always ask themselves, “Are Medicare Supplement plans worth it?” The short answer is yes. Any Medical beneficiaries that want to protect themselves from receiving expensive medical bills should consider enrolling in a Medicare Supplement plan.
What Do Medicare Supplement Plans Cover?
Medicare Supplement, also known as Medigap, helps pay for the part that Medicare beneficiaries would be responsible for when they receive services from Medicare Part A and Part B. Generally, Original Medicare only pays for 80 percent of your medical costs, and you’re responsible for the remaining 20 percent. These figures can quickly add up, but with Medicare Supplement plans, you can fill the gaps left by Original Medicare. Medigap plans are available with different levels of coverage, so you can choose the one that meets your needs.
Should You Purchase a Medicare Supplement Plan?
You should consider a Medicare Supplement plan for two major reasons. First, no matter the precautions you take to keep yourself healthy, life does happen. Whether you catch the nasty flu, involved in some accident, or your physician recommends additional testing, you may incur medical bills when you least expect it. If, for instance, you are admitted to the hospital, the Part A deductible alone is $1,408, and you may need to pay this more than once a year.
Secondly, you may not be able to sign up for a Medicare Supplement when required. In most cases, Medicare beneficiaries that want to sign up for a Medigap plan after they have already been on Original Medicare for six months may have their application declined based on their health. Ultimately, you just can’t wait until you need a Medicare Supplement plan to get it.
Talk to a Turning 65 Solutions Agent
When it comes to choosing a Medigap plan, the decisions can be overwhelming. But it doesn’t have to be; the experienced Medicare agents of Turning 65 Solutions are here to help you choose a Medicare Supplement plan for your needs and budget.