Is Medicare Supplement Insurance Really Worth the Cost?
In today’s economy everyone is looking for ways to save money by cutting back on many things that people feel are not really necessary. For individuals who are thinking of possibly cutting out their Medicare supplement insurance, they may need to rethink this matter again.
What Basic Medicare Pays
Many individuals think that having basic Medicare covers the costs of all their medical needs. This is not the case as Part A only covers hospital and skilled nursing facilities, limited home health care and hospice. Part A also requires a deductible be meant before it kicks in and starts paying for these costs. Medicare Part A limits hospital coverage to the first 60 days; thereafter they only pay a part of the daily costs. Medicare Part B covers doctor’s visits and other services that Part A does not cover. There is an annual deductible that first must be paid and after that Part B only pays 80% of doctor fees, leaving the patient to pay the other 20% and other costs that Medicare does not approve, if any.
Medicare Supplement Insurance Pays Deductibles
Supplement insurance coverage varies according to the plan that is taken. Most offer plans that pay the Part A and Part B deductibles and will cover costs of additional hospital days that Medicare Part A does not cover. Most supplements also pay for additional days in a nursing facility when required. There are two supplement plans that can be chosen that pay 100% of doctor visits deductibles that Medicare Part B requires.
Medicare Supplement Insurance Pays For Gaps In Doctor Fees
Since basic Medicare only pays for 80% of doctor costs, Medicare supplement insurance can provide the extra 20% as well as excess costs. Choosing the Medicare supplement Plan F covers these charges 100% or Plan G covers 80% of extra charges.
Supplemental Plans Cover Emergency Medical Care While Traveling Abroad
Basic Medicare does not cover the costs of emergency care when traveling abroad. There are seven different supplemental plans that will pay for 80 percent of emergency care that may be required while traveling out of the country. These plans require a $250 deductible and cover up to 60 days.
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