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 the age of 65.
Medicare Parts A & B are very good coverage on the own.
Part A helps buy 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 everytime you have a hospital stay.
Part B helps buy your outpatient medical services. This would 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 in which you don’t have to spend the night 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 health care provider to charge as much as 15% over Medicare’s rates.
What is Medicare supplement Insurance? This insurance is private coverage that accumulates 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 get this type of insurance, it can be a very valuable policy in assisting protect your assets and also lends a substantial number of “satisfaction” that you won’t be hit with major medical bills. It’s been noted that about half 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 most beneficial for you you can shop the market 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 plan you are feeling most comfortable with. You may utilize the services of a Medicare supplement insurance agency to spot the rates from several companies and maybe get some experienced details which companies might be better for the long term.