Why Do You Need a Medicare Supplement?
There are many reasons people need Medicare Supplements. Most of the time, those reasons revolve around the high costs of hospital and doctor visits. Medicare part A covers some hospital costs. You pay $1316 deductible per benefit period for the first 60 days in the hospital. The benefit period starts over once you have not been in the hospital for 60 consecutive days.
If you unfortunately must stay in the hospital for longer than 60 days, the costs REALLY add up. After 60 days, you pay $329 a day to stay in the hospital. After 90 days, you start paying $658 a day! Day after day, your costs keep adding up.
Under Medicare part B, you have a $183 annual deductible to meet, then you generally pay 20% of your doctor visits and outpatient surgeries. That may not sound like much, but surgeries can cost thousands of dollars, and you are required to pay 20% out of pocket!
Medicare Supplements to the Rescue!
When you realize how much you have to pay out of pocket for hospital and doctor visits, you might consider purchasing a Medicare Supplement plan. There are 11 standardized Medicare Supplement plan designs that help with high medical costs. Each plan varies in how it covers Medicare Part A and Part B.
One of the most popular plans is Medicare Supplement Plan F. Plan F has the best coverage available. It pays for EVERYTHING Medicare doesn’t pay for. That means you do not have to pay any deductibles nor any expenses from hospital stays or doctor visits. All you have to do is pay the Plan F monthly premium, which varies by carrier.
Another popular supplement is Medicare supplement Plan G. Plan G is exactly the same as plan F except for one difference. While plan F covers all the costs that Medicare doesn’t pay for, plan G covers all costs EXCEPT for the Medicare Part B annual deductible. This makes the plan G premium a little bit less than the plan F.
Purchasing a Medicare supplement is choosing to make a smart decision. If you go to the doctor or specialists on a regular basis, your Medicare costs can add up. Also, accidents can happen at any time and may require expensive hospital visits. Medicare supplements are the best way to save on those costs.