How important is Medicare Supplement Insurance when it only covers what Medicare covers and you still pay 20%?

Answer 1

Well, it could be really important. How much is it per month? You need to read the policy, and find out if it has a maximum out of pocket. Medicare will always, ONLY, pay 80%.

If you have a supplement that pays the same way medicare does, there is probably an out of pocket maximum threshold. Once you know that dollar amount, divide it by 12 mos. Most likely, it will be less than $200.00... Now add your monthly premium. How much, on average, per month are you expected to spend?

This means.... Once you pay the dollar amount specified as the 'out of pocket max', the secondary plan will pay everything @ 100% for the rest of the year. I know it seems tedious, but, the plan is probably pretty good.

And, while its true you can pay from $250.00 - $450.00 per month on a medi-gap supplement, why would you; if the amount you pay per year is less on the plan you already have.

Answer 2

The definition of a Med Supp is that it picks up the balance of what Medicare doesn't pay. Medicare leaves 20% and that is what the Supplement pays.
If your Medicare 20% adds up to more than what supplemental coverage would cost (and it usually does), then it is a good deal for you.

Answer 3

I don't know what type of Medicare Supp plan you are looking at, but you can get coverage that will pay all of your Medicare deductibles and co-insurance. There are standard Medicare Supp plan designs, Plans A-J and are available in all states.

Contact a local agent that specializes in health and/or Med Supp and they will be able to guide you through this complicated issue.

Answer 4

Read you policy carefully. Insurance Biz CT is correct.

Also check out Medicare Advantage Plans available in your state.

Talk to a local agent.

Good Luck