The Benefits Of Medicare Supplement Insurance Make Seniors Happy!
Insurance agents have been calling you trying to sell you the benefits of Medicare supplement insurance and you are wondering if it is true. Why do you need Medicare Supplemental Insurance when you already have Medicare? Medicare is an excellent scheme that helps take care of medical costs for many, but what you may not realize, especially if you have never been seriously ill, is that Medicare doesn’t cover everything. There are certain costs that you will have to pay out of pocket such as co-payments, coinsurance, yearly deductibles and even emergency overseas travel.
Hospital Bills Can Be Devastating
As you get into your senior years, odds are that you will need increasing levels of medical care – our bodies fail, regardless of how healthy we were when we were younger. A time will come when you will be faced with bigger and bigger hospital bills, and that is when the benefits of Medicare supplement insurance will come in handy — it pays for things that are not covered by Medicare.
Pay Monthly Premiums to Cover Costs
Many people make the mistake of assuming that these costs aren’t significant — what’s a few hundred dollars out of pocket for every bill that you have to pay? Think about this: You are hospitalized, and your bill comes to $10,000 or $15,000. You are required to pay about 10% of that out of pocket. Can you afford to take it out of your retirement savings? You may be able to pay once or twice, but if you incur further medical expenses, these supplemental costs will be eating into money that is for your retirement. A Medicare supplement cover ensures that these costs are taken care of. All you need to do is pay premiums every month, and if you ever go into the hospital you never have to think about how much it will cost you.
Look Closely at What Is Covered
Before you buy a Medicare supplement insurance plan, it is important to look into what is covered. There are some companies that offer very little for the premiums that they charge. Keep in mind that as you grow older, you may require more and more care. You should, for example, look into things like private nurse care, foreign travel emergency cover, hospice care, and more. You should also be aware that there are some things that are not covered by Medicare supplement plans – dental and vision care, hearing aids, prescription drugs, and more.
Involve Your Physician
It is a good idea to involve your doctor when you are getting Medicare Supplement Insurance. He or she has a long-term prognosis about your health and can advise you on the kind of additional coverage you need.