For seniors who are eligible for Medicare coverage, they will likely find that it may not give you the comprehensive health insurance coverage that an older person may need. As such, securing Medicare Supplement insurance from providers like Humana can be useful. It provides benefits such as:
Paying for Medical Checkups
One way to benefit from additional insurance is that it can lower the costs of doctor’s visits. If you know that your present condition will require visiting your attending physician quite often, Medicare Supplement insurance can take care of part of the fees not covered by a standard Medicare plan. Medicare Part B has a deductible of $198 for 2020. Once you meet your deductible, you would have to shell out 20% of the approved amount. Medicare Supplement insurance can help you save on copayments, which may be enough to justify securing another insurance policy.
Medical Equipment
If there is a need for you to use a wheelchair, walker, or hospital bed at home, they can be covered by supplemental insurance. For example, your doctor requires you to use a wheelchair that will cost you at least $800. It has a coinsurance cost of $160, which can be paid for by the Medicare Supplement insurance.
Prolonged Hospitalization
Individuals who need to stay in the hospital for an extended period can still save on expenses if they have Medicare Supplement insurance. Note that should your hospitalization last for 60 days, you don’t have to pay coinsurance. However, if your confinement would extend from day 61 to day 90, you have to shoulder $352 for each benefit. If your hospital stay would be over 91 days, your coinsurance rate would now be $704 for each lifetime reserve day. For example, you stayed in the hospital for a total of 95 days. Hospital expenses can take you back by as much as $14,080, with the Medicare Part A deductible not yet accounted for. If you don’t want to pay for this cost, getting Medicare Supplement insurance would help.
International Travels
Medicare is useless when you get sick abroad. So, if you are planning to do a lot of traveling, especially during your retirement, it would be best to get Medicare Supplement insurance. Plans C, D, F, G, M, and N are all applicable for international travels.
Considerations When Comparing Medicare Supplement Insurance Plans
Plans Vary
Before choosing an insurance provider, check out their available programs. You have to understand that their offerings vary. It can impact your decision when choosing a doctor. Some providers have a limited roster of healthcare professionals that are approved.
Drug Coverage
If a large chunk of your healthcare expenses includes prescription drugs, verify if the policy contains a co-pay cost and a deductible that you will have to pay out of pocket. Unfortunately, many do not know that Medicare can suspend prescription benefits once you have maxed out your deductibles. When your prescription costs are causing immense suffering, Medicare would only cover 95% of the costs. This is the reason why most older adults choose to stop taking their medications when they hit the Medicare gap.
Other Health Benefits
There are some instances where Medicare does not provide coverage. Consider this when getting additional insurance. What additional services are you most likely to use on a regular basis? Are these already included in the Medicare coverage? Most seniors suffer from age-related diseases such as vision and hearing impairment. Interestingly, Medicare does not cover such services, which can impact the overall quality of life of seniors. Additional insurance can bridge the gaps between the services you’re likely to use as you age and the services that are covered by a standard Medicare plan – often these two don’t overlap.
Cost of the Plan
In general, it is best to go for a plan that allows flexibility. Assess whether you like to customize your benefits or minimize the cost of your healthcare plan. It all depends on how much budget you have set aside in your retirement plan and your present condition as well. If you are generally healthy, getting a standard policy may be the wisest decision.
Before securing Medicare Supplement insurance, you have to assess whether there is a need for you to have it. Compare and contrast the plans that have benefits and features that would apply to your needs. Additionally, you also have to consider how much you are willing to pay for such services. Always think whether the savings you would get are enough to justify the costs of additional insurance.