If Medicare is insurance, why is private insurance still needed? Those with Medicare will still end up with thousands of dollars, if not more, in medical bills. Those costs are due to deductibles, premiums, copays, and omissions. Only Medicare Part A has no monthly premium. The other two, Parts B and D come at a monthly premium.
Deductibles
Medicare Part A, which is the inpatient hospitalization insurance, has a high deductible that may have to be paid several times within a calendar year. The deductible of $1,340 has to be met per benefit period before any stays are covered. A benefit period begins with every new admission. That means each medical incident that requires hospitalization counts as a benefit period. An injury in February, an acute respiratory issue in June, and a heart attack in September will cost the patient over four-thousand dollars in deductibles alone.
Parts B and D also have deductibles, along with copays for every outpatient service or piece of medical equipment needed (Part B), and every prescription drug refill (Part D). Costs will add up quickly for those without medicare supplement insurance. Supplemental plans reduce or eliminate the money that comes out of the pockets of patients. There are several insurance from which to choose.
Selecting Supplemental Coverage
Supplement plans are identified with letters A through N and are standardized in terms of what is covered. Private insurance companies that offer these plans typically keep monthly premiums in the one to two-dollar range. The premiums, deductibles, and copays will vary from one provider to another one. It is essential to know what exactly is covered in each plan, and what any out-of-pocket costs will be past the premium.
One way to compare companies, plans, and total costs is to view GoMedigap for details. In addition to insurance products from several companies, the website provides a wealth of information regarding both Medicare and supplement plans. Complete explanations of Medicare include what is covered in each part, deductible amounts, and a full breakdown of copays.
Other Insurance
Medicare covers zero hearing, dental, and vision services, and provides no death benefits. Separate insurance policies have to be purchased to take care of those needs. Life insurance with no medical examinations and no exclusions for existing conditions is offered by many companies that specialize in finding coverage that is affordable to those on a fixed income.
Plans for dental, vision, and hearing services are available on the website. Discover more at GoMedigap.com. Side-by-side comparisons of policies, informative blog posts, and facts regarding the Medicare system is evidence that supplement insurance is essential for most people.