Having a Medicare supplement can help fill the gaps in your Part A and B Medicare coverage!
Medicare: it's a wonderful program, and has saved senior and disabled citizens untold billions of dollars for health care. But the fact is that Medicare alone was never designed to pay 100% of health care expenses for the elderly.
Why do You Need a Medicare Supplement?
You need a supplement to Medicare in order to pay all of your medical expenses.
You might incur expenses in several areas that would not be covered by Medicare. For example, your deductible for a hospital stay in 2009 is $1068, and Medicare would not pay this amount. There is also a $135 deductible for Part B of your Medicare coverage.
Generally, you must pay twenty percent of your doctor and other medical expenses out of pocket.
As you can see, if you don't have Medicare Supplement insurance, your out-of-pocket costs could amount to almost $52,000 in just one year!
Many private insurance companies have Medicare Supplement insurance policies available to pay what isn't covered by Medicare for your medical expenses.
Medicare Supplement insurance is legally standardized into twelve plans: Plan A through Plan L. This means that Plan G from one company must have the same benefits as Plan G from a different company. But although the benefits are required by law to be the same; different insurers may be vary according to cost and coverage.
So, it pays to shop wisely for a Medicare Supplement policy!
Which Medicare Supplement is Best for You?
Which Medicare Supplement is best for you depends on your needs. Again, there are many different insurers to choose from, so just shop around and select the plan that seems best suited to your individual needs. Many people have supplemental insurance coverage included in their retirement package, so take this into consideration before choosing a plan.
Can You See Your Own Doctor?
Most major Medicare Supplement insurers do allow you to see and choose your own doctor.
When Can You Apply for Medicare Supplement Insurance?
It is best to buy a Medigap, or Medicare Supplement, policy during your open enrollment period. This open enrollment period is the period that begins after you reach age 65, on the first day of the month in which you were born. It lasts for six months. During your open enrollment period, you cannot be denied any Medicare Supplement coverage that an insurance company sells, or made to wait for coverage to start, or be charged more for a supplemental Medicare policy because of poor health.
Do You and Your Spouse Need Separate Medicare Supplements?
Yes, you will each need your own individual Medigap policy, just as you each have your own Medicare coverage.
Can You Switch Medicare Supplements?
Yes. In fact, even if you are happy with your policy, it's a good idea to compare rates and benefits of other plans from time to time. If you find a plan that seems better than what you have, check with the insurer for Medicare Supplement quotes. You might be able to save a considerable amount of money by switching to a different Medicare Supplement!
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Chris Robertson is an author of Majon International, one of the worlds MOST popular internet marketing companies.
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