Why You Need Medicare Supplement Insurance
Medicare is a federal program to help older Americans and some disabled Americans pay for the high cost of health care. However, Medicare was never intended to cover all your health care costs. So even if you’re covered by Medicare, you are still responsible for a large portion of your health care costs.
What Medicare Doesn’t Cover
Medicare does not cover all health care costs. Medicare coverage consists of Part A (which covers hospital and skilled nursing facility care), and Part B (which covers doctor bills and other medical expenses). Even with Medicare Part A and Part B coverage, you’re responsible for some out-of-pocket expenses including:
• Part-A Hospital Deductible
• Co-Payments for Hospital Stays Over 60-Days
• Care in a Skilled Nursing Facility After 20-Days
• Part-B Medical Deductible
• Twenty Percent Coinsurance for Doctor Bills and Other Part-B Expenses
Without Medicare Supplement insurance, your out-of-pocket costs could add up to more than $50,000 this year alone. Medicare Supplement Private insurers offer Medicare Supplement insurance to help fill in the gaps for hospital and medical expenses Medicare does not pay. That means Plan F from one company must include the same benefits as plan F from another company. While the benefits must be the same, each company’s rates, reputation, membership features and quality of service can vary.
Will You Be Eligible for Medicare Soon?
If you’re nearing your 65th birthday, it is time to start planning for your new health care coverage.