Medigap is an Important Supplement for Medicare

A common misconception is that Medicare was designed to cover all your health-care needs once you reach the age for eligibility. This is a dangerous assumption that often leaves individuals unprepared to enjoy their golden years. A federal health insurance program for people 65 years and older, and individuals with certain, qualifying disabilities, Medicare pays for many of your health-care needs, but it does not pay for everything. The program includes “gaps” in coverage, requiring you to cover such expenses as co-insurance, co-payments and deductibles. That is why it is so important to protect your assets, and those of your loved ones, by investigating Medicare supplement plans. There are so many Medicare Supplements from which to choose -- it is important to take the time and do the research.

First it is important to understand the differences between the two types of Medicare coverage—Medicare Part A and Medicare Part B—and what each covers during a calendar year. There are services and expenses that are not covered in each plan, thus making it important to carry Medicare Supplement Insurance. Part A covers most of the expense for inpatient hospital care, up to the first 60 days, as well as some of the costs for stays in skilled nursing facilities, and hospice and home health care. If you spend more than 61 days in the hospital, your out-of-pocket expense in co-pays is $267 per day, for days 61-90 and $512 per day, for every day after that. Part B pays for some services and supplies that are considered medically necessary, but are not covered by Part A. Medicare Part B also assists you in paying for doctors’ services and outpatient care, and some other services that Part A does not pay. While Part B deductibles are less expensive compared to Part A, once you meet that deductible in a calendar year, are you responsible for 20 percent of additional expenses related to Medicare Part B. If you have to have major surgery or medical treatments, this can become extremely costly. This is why having a Medigap policy is so important.

Having a Medicare supplement is a smart move when you consider the costs you and your loved ones will be expected to incur after you receive your Medicare benefits, whatever plan you are under. A Medicare supplement plan will help you significantly reduce what you pay overall for services, supplies and hospitalizations. When examining a Medicare supplement policy or Medicare supplement plans, you must consider your individual needs, and do your best to anticipate any future needs.