Medicare supplement insurance was made to provide additional coverage above and beyond regular Medicare parts A & B for qualifying people age 65 and older or folks on disability under the age of 65.
Medicare Parts A & B are really good coverage on the own.
Part A helps pay for medical services while confined in a hospital setting and covers 80% of those services following a deductible is met ($1132 in 2011). The deductible is a “per benefit period” deductible which generally means you’ll have to generally meet the deductible each time you have a hospital stay.
Part B helps pay for your outpatient medical services. This may include things such as primary care and specialist physicians and labwork medicare health insurance, x-rays, outpatient surgeries, emergency room visits, and most other medical services by which you do not have to spend the night time in a facility. This works like Part A because you have a deductible ($162 in 2011) and then Medicare pays 80% of most services. The part B deductible, however, is an annual deductible and only needs to be met once per calendar year. Medicare also has something called excess charges which allow a physician to charge as much as 15% over Medicare’s rates.
What is Medicare supplement Insurance? This insurance is private coverage that picks up those gaps in coverage left by Medicare and is therefore often called “Medigap” or “Gap insurance “.So, these plans can cover all, or some, of the deductible, coinsurance, and excess charge gaps in regular Medicare.
Why should I buy Medicare supplement insurance? Although it’s not necessary to purchase this type of insurance, it could be a very valuable policy in assisting protect your assets and also lends a significant number of “satisfaction” that you won’t be hit with major medical bills. It’s been noted that about half of all bankruptcy are related to a person’s inability to pay for medical services received. Medicare supplement insurance can help you avoid that situation.
Who should I buy Medicare supplement insurance from? The best thing about Medicare Supplement Insurance is they are standardized. So, once you identify which plan is best for you you are able to shop the marketplace to see who are able to offer the very best rates. You can virtually feel comfortable using whoever is offering the very best rate for the master plan you’re feeling most comfortable with. You might use the services of a Medicare supplement insurance agency to identify the rates from several companies and maybe acquire some experienced details which companies might be better for the long term.