Medicare supplement insurance was designed to provide additional coverage above and beyond regular Medicare parts A & B for qualifying people age 65 and older or folks on disability under age 65.
Medicare Parts A & B are very good coverage on the own.
Part A helps purchase 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 in most cases means you should have to meet up the deductible each time you have a hospital stay.
Part B helps purchase your outpatient medical services. This would include things such as primary care and specialist physicians and labwork medicare health insurance, x-rays, outpatient surgeries, er visits, and almost every other medical services by which you don’t have to spend the night in a facility. This works like Part A in that 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 must be met once per calendar year. Medicare even offers something called excess charges which allow a physician to charge around 15% over Medicare’s rates.
What is Medicare supplement Insurance? This insurance is private coverage that sees 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 sort of insurance, it could be a very valuable policy in helping protect your assets and also lends a significant number of “reassurance” that you won’t be hit with major medical bills. It’s been noted that about 50% of all bankruptcy are related to a person’s inability to fund 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, after you identify which plan is better for you you can shop industry to see who are able to offer the very best rates. You are able to more or less feel comfortable choosing whoever is offering the very best rate for the program you are feeling most comfortable with. You might use the services of a Medicare supplement insurance agency to recognize the rates from several companies and maybe get some good experienced details where companies may be better for the long term.