Benefits of Medicare Supplement Plans for Seniors
Are you wondering if a Medicare Supplement (Med-Supp) Insurance Policy is right for you? First of all, it helps to understand just what a Med-Supp policy is.
According to Medicare.gov, a Med-Supp Insurance policy (also known as Medigap) “helps pay some of the health care costs that Original Medicare doesn't cover, like Copayments, Coinsurance, [and] Deductibles.”1 Medicare.gov also notes these polices are sold by private companies (you pay that company a monthly premium), you must have Medicare Part A and Part B to purchase a policy, a policy only covers one person, standardized policies are guaranteed renewable, and you can’t buy one if you have a Medicare Advantage Plan unless you switch back to Original Medicare. You can learn more by visiting Medicare.gov.
Now that you know the basics, here are some more of the benefits of a Medicare Supplement Policy:
The Balance tells us that there are many plan options to choose from – A, B, C, D, F, G, K, L, M, and N – and you’ll need to compare the benefits of each to find which is right for you.2 The Balance also notes some plans have other benefits not covered by regular Medicare, and that a Med-Supp policy might “help ease any worries you have about paying for medical care that is not covered by your current Medicare plan.”
Cost, of course, is also something to consider. The plan that you can afford that has the benefits you need is what you want to aim for, and it might help to discuss your options with a financial advisor, an independent broker, or a licensed insurance agent.
There are lots of plans and companies to choose from, so if you’re considering a Medicare Supplement Plan, there’s probably a plan that’s a good match for you.
Your style is your choice. Shouldn't your doctor and your coverage be, too?
Learn more about Medicare Supplement insurance options.
Sources:
1 Medicare.gov, What’s Medicare Supplement Insurance (Medigap)?, 2019
2 The Balance, Medicare Supplemental Insurance: Benefits and Considerations, 2019