Costly Coverage: Are Medicare Supplement Plans Worth It?

are medicare supplement plans worth it healthcare coverage costs

Did you know that 44 million people have Medicare in the United States? If you recently became part of this statistic or will soon enroll in Medicare yourself but are a little confused with all the choices you have, we are here to help! 

Keep reading to learn the answer to the question "are medicare supplement plans worth it?" 

Are Medicare Supplement Plans Worth It? 

In one simple answer - YES. When and if you are on Medicare you want to protect yourself from receiving high medical bills that you can't afford. This is where Medicare Supplement plans will come in handy. 

What Do Supplement Plans Cover? 

With supplement plans, they will pay the portion that you normally would be responsible for when you receive services from Original Medicare. One of the details to keep in mind is that usually, Original Medicare only pays for 80% of your costs, which means that you are still responsible for the other 20%. 

Depending on how large the bill is, that 20% can really add up quickly. You can choose a supplement plan that covers you based on your preferences and needs. 

What If I Don't Go to the Doctor Often? 

Even if you don't really go to the doctor and are pretty healthy, you might want to take that extra precaution and opt for a supplement plan to give you peace of mind. You never know when life will happen and if you are suddenly involved in some type of accident or you have a terrible flu where you need additional testing and services, you will wish you had a supplemental plan to help you cover some of the out-of-pocket costs. 

Another reason you might want to opt for a Medigap or Supplemental Plan is that you might not be eligible to get this plan when you truly need it. Usually, if you want to apply for a  Supplement plan after you have been on Original Medicare for six months, your application might get declined based on your health. 

How Much Is It? 

The cost varies depending on different factors such as where you live, your gender, and whether or not you use tobacco. The best way to know what your cost will be is with a personalized quote form a carrier in your area because some states have higher premiums than others. 

Another factor is the supplemental plan you choose because some cover more costs than others. The important thing to keep in mind is that the value of the policy is worth the cost for your needs. 

Ready to Make a Decision? 

Now that we answered the question "are medicare supplement plans worth it?" you can make an informed decision whether or not to opt for a Medigap plan when you enroll in Original Medicare

Did our blog post on Medicare supplement plans help you out today? Please feel free to browse around our site for some more helpful healthcare and health insurance articles.

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