If you have Original Medicare, you're probably aware that while it is critical for most Seniors to help pay for their medical costs, it doesn't cover everything. Those extra costs can quickly add up, especially when you're faced with any major medical care, so many people choose to buy some extra coverage via a Medicare Supplement policy (or Medigap).
Most people who have Original Medicare, according to Medicareresources.org, "don't rely on Original Medicare alone" – in fact only 23 percent of Medicare beneficiaries don't have any supplemental coverage (from either Medicaid, an employer-sponsored plan, or Medicare Supplement insurance).1 The American Association for Medicare Supplement Insurance tells us that Medicare supplement policy sales are increasing every year, with 14.1 million Americans owning a Medicare Supplement insurance policy in 2018.2
So why are these types of policies so popular? For a few reasons.
The way a Medicare Supplement policy works, according to Medicare.gov, is it "helps pay some of the health care costs that Original Medicare doesn't cover, like: Copayments; Coinsurance; Deductibles," and these policies are sold by private companies.3
Plus, Medicare Supplement policies give you options. Not only can you choose from many different companies when you're shopping around, but there are different plans available to suit your personal needs. According to The Balance, "you have 10 standardized plans to choose from (A,B,C,D,F,G,K,L,M and N) and most are guaranteed renewable for life."4 Guaranteed renewable means that your plan can't be canceled because of any health conditions or your age as long as you pay your premiums on time. When you're comparing plans, The Balance also tells us to consider the type of policies available, any additional benefits (like coverage for vision and hearing services), and the overall cost of the plan.
With so many options, it's likely you'll find a Medicare Supplement plan that suits your needs as well as your budget.
To purchase a Medicare Supplement policy, you must have Medicare Part A and Part B. To learn more about the requirements of such a policy, please visit Medicare.gov.
If you're interested in learning more about a Medicare Supplement policy, contact an independent broker or a licensed insurance agent.
Your style is your choice. Shouldn't your doctor and your coverage be, too?
Learn more about Medicare Supplement insurance options.
1 Medicareresources.org, Is Original Medicare coverage enough?, 2019
2 American Association for Medicare Supplement Insurance, Medicare Supplement Insurance Statics Data – 2019, 2019
3 Medicare.gov, What's Medicare Supplement Insurance (Medigap)?
4 The Balance, Medicare Supplemental Insurance: Benefits and Considerations, 2019