Once you have reached the age of 65 and are eligible for Medicare, the gaps in coverage quickly become evident. Medicare inpatient coverage requires deductibles and possibly per day charges. Outpatient procedures and care also involve annual deductibles and 20% coinsurance. The biggest reason to purchase a Medicare Supplement Policy is to fill those gaps and eliminate unexpected medical costs.
To be more specific, here are 5 top reasons to buy a Medicare Supplement policy:
1.Eliminate the Costs of Hospitalization
With age the likelihood of inpatient hospitalization increases and the cost after Medicare is still considerable. The Part A hospital deductible is $1316. There is a per day charge of $329 for days 60-90 and a $658 per day charge for days 91+.
2. Avoid Unpredictable Out-Patient Expenses
The 20% Coinsurance required with Medicaid has no annual out-of-pocket limit. Therefore, 20% can add up very quickly and to a potentially crushing amount.
3. Control Your Budget
Medicare Supplement plans allow you to choose what your medical expenses will be and eliminate unexpected and significant costs due to medical treatment and gaps in Medicare coverage.
4. Enjoy Consistent Benefits and Cost
You won’t need to worry about an increase in cost or change in benefits for the lifetime of the policy.
5. Live with Peace of Mind
Protect your savings and your loved ones from potentially devastating medical expenses.