Do I Have To Have A Supplemental Insurance If I Qualify For Medicare?
I will be turning 65 soon and I will qualify for Medicare. Do I have to have a supplemental insurance plan if I have Medicare? Will I be required to purchase additional coverage?
As a senior citizen approaches 65 and prepares to enroll in Medicare the question of supplemental insurance often comes up. What is supplemental insurance and do I have to have a supplement? Isn’t Medicare enough?
Do I Have To Have A Supplemental Insurance If I Qualify For Medicare?
No, an individual who qualifies for Medicare absolutely does not have to have a Supplemental Insurance plan. Medicare Supplemental Insurance Plans are exactly what the name implies. They are supplementary. They add to the benefits or extend the benefits provided by Medicare.
If I Do Not Have to Have A Supplemental Insurance Plan Why Would I Buy One?
Medicare Part A covers the very basic hospital costs. Medicare Part B covers specific out patient treatments such as a required visit to the doctor’s office. Neither Medicare Part A or Medicare Part B cover all expenses incurred as a hospital inpatient or all physician treatments as an outpatient. Medicare Supplemental Insurance is not a requirement but it is a good idea. The Supplemental Insurance Plan will usually pay most or all of what Medicare does not pay depending on the supplemental plan the individual purchases.
I Do Not Want to Pay for More Insurance When I Have Medicare
Again, Medicare Supplemental Insurance is not a requirement. It is good common sense in most cases. While the individual will have to pay a monthly premium for the supplement, the monthly premiums will probably be far less than out of pocket expenses if the individual should have a serious illness that requires extended hospitalization or continued doctor’s visits.
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