Medicare supplement insurance was made to provide additional coverage above and beyond regular Medicare parts A & B for qualifying people age 65 and older or folks on disability under age 65.
Medicare Parts A & B are actually good coverage on the own.
Part A helps buy medical services while confined in a hospital setting and covers 80% of the services after having a deductible is met ($1132 in 2011). The deductible is a “per benefit period” deductible which typically means you should have to meet the deductible each time you have a hospital stay.
Part B helps buy your outpatient medical services. This may include things like primary care and specialist physicians and labwork medicare health insurance, x-rays, outpatient surgeries, er visits, and almost every other medical services where there isn’t to invest the night in a facility. This works like Part A for the reason that you have a deductible ($162 in 2011) and then Medicare pays 80% of all services. The part B deductible, however, is definitely 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 up to 15% over Medicare’s rates.
What’s 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 could be a very valuable policy in aiding protect your assets and also lends a significant amount of “satisfaction” that you won’t be hit with major medical bills. It has been noted that about half all bankruptcy are related to a person’s inability to pay for medical services received. Medicare supplement insurance can help you avoid that situation.
Who should I buy Medicare supplement insurance from? The great thing about Medicare Supplement Insurance is they are standardized. So, once you identify which plan is best for you you can shop the market to see who is able to offer the best rates. You are able to virtually feel comfortable going with whoever is offering the best rate for the master plan you feel most comfortable with. You could utilize the services of a Medicare supplement insurance agency to identify the rates from several companies and maybe get some experienced details where companies might be better for the long term.