Why Should I Consider Medicare Supplement Insurance?

Have you ever received a large and unexpected medical bill in the mail? It probably wasn’t the best feeling. These bills can easily catch consumers off guard, especially if they have Medicare.

Medicare Supplement insurance is a great tool in your arsenal against out-of-pocket medical expenses. While Medicare Parts A and B provide enrollees with hospital and medical coverage, the program requires enrollees to pay deductibles, co-payments, and co-insurance.

Medicare Supplement insurance can help reduce out-of-pocket medical expenses. Medicare Supplement insurance policies (also known as Medigap) are offered by private insurance companies and are regulated by the State Departments of Insurance. These policies provide insurance coverage that supplements the coverage provided by Medicare Parts A and B. They can help pay some of the out-of-pocket costs that Medicare Parts A and B do not cover.

All standardized plans include the following basic benefits:

• Hospitalization: Part A coinsurance plus coverage for 365 additional days after Medicare benefits end.
• Medical Expenses: Part B coinsurance (generally 20 percent of Medicare approved expenses) or copayments for hospital outpatient services. Plans K, L, and N require insureds to pay a portion of the Part B coinsurance or copayment.
• Blood: First three pints of blood each year.
• Hospice: Part A coinsurance for eligible hospice/respite care expenses.

Standardized Medicare Supplement insurance policies are guaranteed renewable even if you have health problems. This means your policy can never be cancelled as long as you continue to pay the premium and there is no material misrepresentation. Don’t take the risk of being left with expensive medical bills due to the out-of-pocket costs not covered by Medicare Parts A and B. Speak with an insurance agent or producer to choose the plan that’s right for you.