Medicare Supplement insurance is the wave of the future for those turning 65 in the next few years, including the Baby Boomers who are reaching Medicare eligibility starting this year. Here are the top three reasons why we believe Medicare Supplements are the wave of the future:
- First and foremost, they put a limit on your out of pocket exposure. What many people do not realize is that Medicare has no limit on out of pocket exposure. In other words, if you rack up a huge medical bill and have only Medicare insurance, you pay an unlimited 20%. There is no “cap” on what you would have to pay. The main thing that a Medicare Supplement plan does is to eliminate that unlimited amount and put a cap on your “exposure” to medical costs.
- Secondarily, they provide predictable out of pocket expenses. With a Medicare Supplement, you can know, in advance, your medical costs for the year, down to the penny. This is simply not possible with other types of health insurance or at other stages in your life. This kind of predictability and stability, especially when you are over 65, is priceless. Essentially, with most of the Medicare Supplement plans, you just pay the monthly premium then you have no additional out of pocket costs. Even on the plans that do have some deductibles or co-pays that are not covered, you can add those on to the premium to figure your total out of pocket costs for the year.
- The ever-increasing costs of medical care and treatment. Medical costs continue to skyrocket. What else can you think of that you don’t know the cost of something until it is completed. There is no “menu”, when going to the doctor’s office. You are dealing with your health and simply cannot base your decisions on price. However, these costs can be exorbitant and they are certainly continuing to rise. Medical inflation has generally outpaced inflation in other arenas by a good bit and most believe it will continue to do so. What this means is that you should seek to limit your “exposure” to this, when possible. A Medicare Supplement plan makes this possible.
Altogether, Medicare Supplement insurance allows you to limit your exposure, have predictable expenses, and avoid the ever-increasing health care costs. For these reasons, it is essential for those 65 and over to have some sort of Medicare supplement plan. If you want more information or Medicare supplement quotes, please visit our website to learn more.