People who turn 65 sometimes question, “If I get Medicare why do I need a Medicare supplement?” There is a point to their question, look first at the coverage available in part A and B plans from the federal government insurance. There is also the part D plan that covers medicine for seniors. A comparison needs to be explored for the need of a supplement plan (also called Medigap).

Part A hospital coverage is available at no cost to seniors with 40 quarters of contributions to the Medicare plan through taxes withheld by employers. Self employed contributions also make the owners of businesses eligible. The only cost required to plan participants is a deductible for hospitalization which was $1,100.00 in 2010. Deductibles depend on the length of hospital or skilled nursing facility stays. Seniors, who have not paid into the federal government Medicare plan through employment deductions, will have to pay a monthly premium for plan A start at $245.00 monthly and goes up.

Part B requires a premium to be paid to the federal government and the balance is taken from the social security payments before they are distributed each month. The coverage includes everything medically necessary except hospital stays. There is a small annual deductible for the B plan and a 20% copay. If a senior does not sign up within 6 months of turning 65 years old, the plan B is available at a later time, but the premium payments will be higher.

Up to this point, the expenses required after enrolling in Medicare Parts A and B has been covered. Take moment to review for yourself what to expect in costs, because this is what one needs to work with to compare the need for Medigap supplemental insurance. In addition, Part D of Medicare, which covers prescription drugs, also requires a premium of around $50.00 at the maximum monthly. One must determine the cost of medication needed which can also be offset by a Medigap plan.

The need for supplemental insurance is a prediction of medical expenditure expected in the next year. Medigap coverage is available from November until the end of December and everyone who has parts A and B of the government provided insurance, qualifies to purchase the Medigap coverage. Some seniors believe that if their health has been relatively good until 65, the probability of needing a lot of medical care in the future is very low.

Along with these major diseases are also medically necessary costs under part B. These expenses can include the doctor’s fees for specialists, expensive tests for heart disease or expensive treatment for cancer. These costs will not come close to hospital bills, but large enough to pull down a savings balance.

As people age, there are more medical needs as bodies wear down. Think about the number one diseases today that kill people, heart disease and cancer. Women and men are very likely to contract either or both, especially if it has occurred in the family history. Consider the likely hood of paying for assisted living or nursing home care in the years to come Calculate what costs might be shouldered during the worse case scenarios based on current health and family diseases. Check into supplemental insurance and compare that premium expense to; the costs of deductibles for hospitalization, 20 % co pay for additional medical services, and medicines possibly needed. Perhaps the losses will be capped by paying the additional premiums for a Medigap supplement.

In conclusion, this discourse has endeavored to give the basics to consider “Why do I need a Medicare Supplement?” Each senior must consider anticipated expenses and compare which plans will cover medical costs without causing financial hardship. If the supplemental plans help to fill Medicare gaps in coverage that are needed in your case, then look further into the additional premiums of Medigap.

The medicare supplement is going to help you. You should not wait until you are in horrible health to get medicare – you should apply today. Let us tell you more on this topic.