Many people wonder if they need Medicare Supplemental Insurance after learning about Medicare Part C. At first, it may seem that Medicare Part C — private insurance that you can get to cover “Original Medicare” Part A and B — will provide all of the coverage that you might need. Indeed, it is true that any Part C insurance plan will cover some items that are not covered by Original Medicare, and you might wonder what the real difference is between that and what’s called Supplement or “Medigap” insurance. Well, there are potential financial benefits that you should know about!
Beneficiaries choose Medicare Part C when there are medical procedures that they would like to cover that are not covered by Medicare Part A and Medicare Part B. For example, visual health, hearing health, and even most dental health receive virtually no coverage at all from original Medicare. This is one of the areas that Medigap insurance can also provide some assistance with. However, Medicare Supplemental Insurance is usually chosen for a completely different reason. This Medigap insurance can help you to save money on the fees associated with your other Medicare insurance, such as your deductible and your co-payments.
Even though Medicare covers a great deal of different medical situations, you might be surprised to discover just how much money you will end up paying. For example, there is a monthly premium. Then there is a deductible amount — the total you must pay out of pocket before you receive any benefits at all. That is followed by a co-pay, which is an amount you must pay out of pocket for procedures that are already covered by your insurance. All of this adds up to mean that you will actually pay out a great deal to keep your insurance current unless you have Medicare Supplemental Insurance.
Medicare Supplemental Insurance can help you with all of these charges. Not only that, it can also provide you with additional coverage for things that are not generally covered under Medicare. For example, it can help you with the 20% of costs that will not usually be covered under Medicare Part A. All in all, you should consider this supplemental insurance if you expect that you will suffer medical complications that are not usually covered under regular Medicare. Although supplemental insurance can add more complexity to your insurance payments, they will ultimately — almost always — provide more protection and savings.