Do You Need A Medicare Supplement Plan?

About Me
understanding changes in health insurance

The rules, regulations and restrictions of medical insurance can change a lot over short periods of time. What may be covered this year may not be next year. The premiums that you are paying this year could double next year. How much do you pay out of pocket before your insurance picks up the expenses? Do you have an out of pocket limit to meet before your insurance covers anything? Our blog will help you gain a better understanding of how your insurance works to protect you and assistance in reading the documents you receive to alert you of upcoming changes on your health insurance policy.

Do You Need A Medicare Supplement Plan?

1 February 2023
 Categories: , Blog

As an older adult, being as healthy as possible is the key to living independently for as long as possible. Therefore, having good health insurance coverage can be incredibly important. Most adults are eligible for Medicare by the age of 65 years of age or older. However, Medicare does not cover all healthcare expenses, and there can be several costs that are not covered to the extent that they are affordable. Medicare supplement plans are designed to pick up some of the extra expenses where Medicare coverage stops. Here are a few things to consider to help you decide if a Medigap insurance plan is right for you. 

Is there a chance that you could face extended hospital stays?

Medicare does a good job of providing coverage for brief hospital stays during an illness. However, if you have an illness that lands you with the need for longer-term care, you may be left with a lot of care costs to cover. For example, if you are admitted to a hospital for a few days, you may not face extensive out-of-pocket costs. However, if you have to stay in the hospital for a few weeks and then transition to a rehabilitation center for several weeks, Medicare may not cover the full amount of your stay. However, Medigap insurance plans may cover at least part of the additional costs. 

Do you have a hard time paying out-of-pocket costs?

With Medicare, there is always some level of out-of-pocket costs for the individual with coverage. If you have a lot of medical care needs or need ongoing care, your costs that are not covered can grow to be pretty substantial. If the costs become too much for you to afford, having a supplement plan may help lighten the financial burden. Because this insurance may pick up where Medicare leaves off, certain levels of out-of-pocket expenses may be covered. 

Does your primary doctor agree to Medicare rates?

Physicians can commit to accepting the rates Medicare sets for certain medical services. Or, they can choose not to accept those rates and instead charge more. If your doctor is one that does not accept the predetermined rates set forth by Medicare, it can be helpful to have a Medigap insurance plan to help you cover some of the difference. For example, if Medicare only approves $200 for an office visit, and your doctor charges $250, your supplement plan may cover some of the difference.