Many people assume that if they’re able to register for Medicare health insurance, they’re covered for the most basic parts of medical diagnosis and treatments. The truth is, Medicare insurance plans often don’t cover some of the most expensive parts of medical needs, and for this reason Medicare supplemental insurance plans have popped up through private insurance companies. At first glance it might not seem like a supplemental insurance plan is necessary — after all, it is called “supplemental” — but here are just a few reasons why these plans are actually really beneficial:
- First, it’s important to understand that you need to have both Medicare Part A and Medicare Part B in order to be eligible for a supplement insurance plan; these are the most basic parts of Medicare plans and it’s a good idea to have them both, anyway. The thing is, you’ll still end up paying coinsurance, copayments, and deductibles on these plans unless you have a supplemental insurance policy.
- Prescription medications aren’t covered under these insurance plans either, and that can be a big financial burden for aging adults who rely on expensive prescriptions. While supplemental insurance plans are prohibited from covering prescriptions costs — you’ll have to buy Medicare Part D if you want prescription drug coverage — a supplemental plan can help offset the overall cost of your medical treatment if you choose not to purchase Part D.
- If you travel a lot, a Medicare supplemental insurance plan should definitely be a priority for you! Foreign travel medical emergencies are bound to happen at some point, but the original Medicare plans don’t cover any of these costs. If you want to make sure you’re covered even when you’re not in the country, a supplemental plan is the way to go.
Your health care expenses shouldn’t be something that keep you up at night, and you should never have to worry about getting the medical treatment you need simply because of the cost.