The answer to that question depends on which parts of Medicare you are enrolled in, or plan to enroll in.

You can buy a Medicare supplement policy if you plan to buy:

  • Medicare Part A and
  • Medicare Part B

You can't buy a Medicare supplement policy if you plan on using any of the following:

  • Medicare Advantage Plan
  • An employer's insurance plan
  • VA benefits
  • Medicare Medical Savings Account (MSA)

What Do I Get with a Medicare Supplement Policy?

It helps you pay for some of the out-of-pocket expenses regular Medicare doesn't cover. Your supplemental insurance will pay for each of the following basic benefits:

  • Extended hospital stays (one year after regular Medicare benefits end)
  • Coinsurance on a hospital stay (Part A)
  • Coinsurance (Part B)
  • Outpatient hospice prescription co-pays
  • Inpatient respite care coinsurance
  • First three pints of blood

These are just the basic benefits that are included in all 10 available plans. Additional features are available on a state-by-state basis. Some of those features include coverage for deductibles for Part A and Part B, excess charges for Part B, and benefits for care you receive while traveling out of the country. Keep in mind that a new supplemental policy won't cover prescription drugs—this is what Medicare Part D covers.

Do I Need a Medicare Supplement?

Yes, if you think you'll have trouble paying for Medicare deductibles, co-pays, or co-insurance. If you're on a tight budget where every penny matters, a big expense like co-insurance might be more than you can handle. In that case, insurance can help make sure you won't have to pay that cost out of your own pocket.

If you're ready to look into Medicare supplement insurance, call me or send me an email today!