Imagine you’re sitting in a boat. It looked great from a distance, so you were excited about coming on board. But now that you’re actually there you notice a few things that cause some concern.
You notice there are some holes in the boat. Overall, it’s in pretty good shape, though, and if the water stays calm you should be all right. But if the weather changes and the water gets rough…
Now imagine that boat is Original Medicare. Medicare Part A and Medicare Part B together comprise Original Medicare, which was established by the federal government in 1965 to guarantee access to health insurance to Americans over 65, people under 65 with disabilities, and people with end stage renal disease. Without a doubt, the program has helped millions of Americans enjoy smooth sailing when it comes to matters of health care.
But anyone’s health can turn on a dime—just like the weather. Imagine you’re sitting on that boat when the water gets choppy. You may get by on luck, but it’s more likely you won’t. And even if you are lucky, you’re not going to enjoy riding through a storm in a leaky boat.
As good as it is, Medicare was never designed to cover 100% of your medical care.
Although Medicare costs have risen almost every year since the federal program’s inception in 1965, Medicare benefits have declined over the years in many areas. As a result, there are real gaps in Medicare coverage and, therefore, a real need for Medicare supplement insurance plans (also called Medigap insurance).
While Original Medicare covers most of the costs participating providers and doctors charge for medically necessary health care, gaps in Medicare coverage will be evident as early as your first day in the hospital. You’ll be responsible for the Medicare Part A deductible, which in some cases you can be obligated to pay several times a year. If that’s not enough, you’ll be responsible for the Medicare Part B (medical) deductible whether you’re in the hospital, at the clinic, or even in your physician’s office—and that’s just the beginning. Medicare doesn’t approve every procedure, and you’ll be responsible for the remaining 20 percent coinsurance for your medical (Part B) charges. Statistically, Medicare beneficiaries spend most of their time with their physician in an office, clinic, or other outpatient facility. This has increased the need for Medicare supplement insurance. This isn’t to say Medicare coverage can’t be a financial lifesaver because it can. But the cost of services and supplies that Medicare doesn’t cover can add up quickly if illness strikes.
While we don’t recommend using Medicare supplement insurance to patch holes in a boat, we highly recommend it if you want peace of mind in matters concerning your health. If you’re new to Medicare or if you just have some questions about senior health care, we’ll be happy to go over all your Medicare supplement insurance and Medicare Advantage options and show you how you can save money in the long run.
Contact MedicareMall now and we’ll make sure you’re sitting in a boat that’s going to serve you well regardless of what lies ahead.
Medicare Supplement Index | Medigap Policy Providers Index