There are some those who feel that Medicare Supplement Insurance might be a waste of money. Here’s why some individuals feel that to be true.
Original Medicare is just a government-run medical insurance program for people aged 65 and older and for people who receive social security disability benefits for at the least 24 months.
Original Medicare, it has been argued, is the best insurance plan in the united states and the best in the world. The premiums for Medicare Part A (hospitalization) are usually taken care of you (by the taxes you paid) and the Part B premium is just $110 per month for people newly getting Medicare in 2010.
Your share of costs for Original Medicare may also be relatively low. If you go in a healthcare facility for example, each stay static in a healthcare facility medicare part b premiums is just $1,100 total for up to 60 days. If you go to the physician or have tests done (such as an MRI), you normally only pay 20% of the Medicare Approved amount (an amount much lower than the “regular” or “customary” amount charged by most health care providers).
As well as low costs, you’ve tremendous freedom in your usage of health care. You can travel anywhere in the united kingdom and find a doctor or hospital which will accept Medicare.
And so the question is, if Medicare alone is this type of great plan, then why on earth would anyone buy Medicare Supplement Insurance? A Medicare Supplement Plan is an insurance plan sold by a private insurance company. The goal of these plans would be to “complete the gaps” left by Medicare. This is the reason these plans in many cases are known as “Medigap Plans.”
Following are three reasons why “The Case Against Medicare Supplement Insurance” should really be trashed of court.
1. Guaranteed Insurability
When you qualify for Medicare (such as once you turn 65), you are “guaranteed issue” of a Medicare Supplement Policy. Generally in most situations, and in most states, you might maintain the advanced stages of some dread disease and a Medicare Supplement company must sell you insurance at the most well-liked rate.
Also, as soon as you do qualify for a Medicare Supplement Plan, you are able to never lose your coverage, so long as you spend your premiums.
2. Protection From the “Big Stuff”
When you have to pay for several dollar here or there for an xray, or a co-pay at your doctor, that is probably no big deal. But when you get into trouble, meaning if you get really sick, the first Medicare protection may possibly not be as robust as you thought. $1,100 per stay at a healthcare facility can accumulate quickly, as can your share of expensive diagnostic exams.
The truth is, many of us don’t buy insurance for the small things, such as a ding on the car. But we do want insurance for when the “in case” happens, such as a major car accident.
Medicare Supplement Plans are extremely affordable for most people. As of this writing for example, a person turning 65 in Tarrant County, Texas will get a Medicare Supplement Plan F (a very popular plan) for a little more than $100 per month. A 70 year old female will get exactly the same Plan F for approximately $130 per month.
Not only is that very affordable, but more importantly, it makes your health care costs very predictable. With a Plan F for example, your only healthcare costs (apart from prescription drugs) is the cost of your monthly Part B premium and your Medigap premium.