News Blog

Do I Need a Medicare Supplement? Here’s How You Can Find Out!

Do I Need a Medicare Supplement? Here's How You Can

Do I Need a Medicare Supplement? Here’s How You Can Find Out!

Every day, 44 million Americans put their mind at ease because they’re covered with the help of Medicare. If you’re one of them, you’ll find that there are still some limits to what’s covered. You might wonder from time to time “Do I need a Medicare supplement?”

It turns out that you might if you meet certain requirements.

Making Frequent Doctor Visits?

If you have to visit your doctor fairly often, those costs are going to add up. If you have any of the 10 standardized Medicare supplements, you’ll be able to pay for 50 percent of just about every visit. Most Medicare-covered visits are going to get you at least halfway to the finish line.

However, if you’re paying half of twice the visits of the average person, you’re going to be in trouble. Those costs are going to start ticking upward and end up breaking past your coverage limits.

Copayments add up when you’re sick, need to see specialists, or are just at an age where you have to make frequent trips to the doctor. Even just managing an injury that you’ve recovered from can be stressful.

If you have Medicare Part B, your deductible is $185. That’s what you’ll have to cover before you start your coverage. Even then, you’re only going to have 20 percent of your average visits paid for.

Calculate what you usually spend on doctor’s visits in a month and compare that to the cost of supplemental coverage.

You might find that it’s cheaper to pay for that coverage than pay for your bills out of your own pocket.

Do You Need Quality Equipment

For aging people and disabled individuals, medical equipment is important to maintain their quality of life. However, when saddled with cheap or inadequate equipment, quality of life is challenging and people struggle to get around comfortably. The cost of quality equipment can be several times more than the cost of cheaper or lower quality medical equipment.

Medicare supplement plans cover equipment costs that could drag down the amount of savings people with disabilities have. Whether you need a walker, wheelchair, or hospital bed, the differences in quality are broad from the bottom of the price range to the top. If you’re unable to buy the best equipment, you’re likely to struggle with comfort or even the ability to just get from your home to your doctor.

If you buy a piece of equipment that costs $2,000, you might have a coinsurance policy that requires you to pay for $400 of that. However, if that’s most of your monthly budget for necessities, this could be a massive undertaking for you. Taking on costly expenses could lead you to take out personal loans or other funding options that you can’t afford.

Medicare supplements are great for taking care of those coinsurance costs. Because different plans are going to have different coverage limits, you need to shop around and compare what companies have to offer. With Medicare supplement plans, you should be able to stay ahead of costs.

Hospital Visits Are Costly

If you’re facing the possibility of an extended hospital stay, you should get the right insurance first. If you have a history of having to stay in the hospital for a week or two at a time, these costs are going to add up. In case you end up staying beyond the 60-day limit of Medicare, it’s going to cost you hundreds of dollars a day.

There is zero fee in coinsurance when you have Medicare Part A. You’ll be able to get into the hospital and stay as long as 60 days if you’re covered by this plan. However, if you find that you’re stricken with an illness that requires constant attention for a long time, you could pay more than $300 every day.

Beyond 90 days, the number jumps up to more than $600 a day. Staying in the hospital for three months costs tens of thousands of dollars without supplemental insurance. Look at your current situation what your doctor projects.

If this is going to be a problem for you, consider supplemental coverage. The right plan is going to not only cover those costs of staying in the hospital but potentially get you out of the hospital sooner.

Coverage While Traveling Is a Challenge

If you travel a lot for work or to see friends and family, you’re going to need to be covered, especially as you age. Foreign travel isn’t a priority for everyone but it’s a necessity for some families. Travelers insurance is often much more expensive than the Medicare supplements available.

Traveling puts you at risk for more problems than you’d face staying home. You could slip and fall, run afoul of some bad food, or end up catching something that doesn’t naturally occur at home. The consequences are dire as we get older.

Medicare isn’t going to cover any care you get outside of the U.S. or any of its territories. If you buy all of the supplemental insurance plans up to their limits, you’ll be covered with 80 percent of your medical emergency fees while traveling. This could be a real godsend if you need to travel all the time but have a fragile constitution.

Even if you’re currently in good health, you never know what’s going to arise in the future. Supplemental insurance is always a good idea.

Still Asking “Do I Need A Medicare Supplement?”

If you’re still asking yourself “Do I need a Medicare supplement”, you might have to dig deeper into your own needs. Everyone has unique medical needs, so it’s up to you to figure out what works best for you.

In case you’re searching for a caregiver, check out what people are looking for in the best ones out there.

Leave a Comment