Medicare has two parts. Part A (hospital) and Part B (outpatient).
Medicare only pays about 80% of the cost of your care, you pay the other 20%. Your financial responsibility is unlimited.
If you are comfortable with paying large deductibles for hospital admission and 20% of outpatient charges you may not need a Medigap plan.
The per admission Medicare Part A deductible is $1184. The Part B annual deductible is $147 followed by 80% coinsurance. (Medicare pays 80%, you pay the balance).
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
No you do not need a medicare supplement or medicare advantage plan. That said, your life will be much easier to deal with medically if you do have the above mentioned plans. As Bob mentioned an unlimited 20% hole in your coverage has the potential to put you on the street. Also, many medical offices are not accepting patients with just medicare anymore as they are being asked to take a financial hit with each medicare patient as medicare does not pay full cost of care for services received. Medicare is a deep discounted program and for many practices the idea of not getting some relief from payments from the other insurance plans just doesn't work for them.
I would definitely recommend it. Medicare has no out of pocket limit. If you come down with a serious illness this can be devastating, leaving you tens of thousands in debt in some cases. If there is a good Medicare Advantage plan in your area then you may want to consider that. Especially if a Medicare Supplement is unaffordable. The advantage would be: Medicare Advantage has out of pocket maximums, usually between $3500 and $6000. Many Medicare Advantage Plans have no additional premium other than the Medicare Part B premium you already pay. Many also include Prescription Drugs at no additional premium. Yo have networks but if your area has a strong network then that is generally not going to be an issue. You would also have copay's, usually between $10 and $20 for a primary care doctor. This makes your health care much easier to predict since under original Medicare you pay 20% of whatever Medicare approves but you have no idea what that will be until you get your bill. There are also many affordable Medicare Supplements. I usually recommend the supplements if you can afford the premium. Find a good local agent who specializes in Medicare plans, both supplements and Advantage plans. A good agent will help you decide which will be in your best interests with no pressure
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Consider this.
Medicare has two parts. Part A (hospital) and Part B (outpatient).
Medicare only pays about 80% of the cost of your care, you pay the other 20%. Your financial responsibility is unlimited.
If you are comfortable with paying large deductibles for hospital admission and 20% of outpatient charges you may not need a Medigap plan.
The per admission Medicare Part A deductible is $1184. The Part B annual deductible is $147 followed by 80% coinsurance. (Medicare pays 80%, you pay the balance).