Original Medicare only covers about 80% of your hospital and outpatient charges. Seniors with a healthy bank account may not need or desire to purchase a Medigap (supplement) plan. While you may be healthy now, your health can change at any time.
If you are hospitalized 3 times during a calendar year for unrelated medical conditions you will have to pay a deductible of $1184 (2013 Medicare Part A deductible) for each admission.
Medicare Part B outpatient charges can become expensive as well. After you have paid the calendar year Part B deductible of $147 (for 2013) you are responsible for 20% of the remaining charges not paid by Medicare. An $800 CAT scan can leave you owing several hundred dollars.
Medicare supplement plan F covers 100% of approved Medicare Part A and Part B charges.
Independent Agent & Medicare Supplement Specialist, reMEDIGAP, USA
It's a personal decision. Many people get a Medigap Plan (aka Medicare Supplement insurance) for peace of mind.
Medicare Supplement insurance is designed to fill in the "gaps" that Medicare doesn't cover. So, if you stick with just Original Medicare Part A & B, you leave yourself open to paying the 20% that Medicare doesn't cover. In addition, you are responsible for the Part A and Part B deductible.
The Part A (Hospital insurance) deductible in 2014 is $1216
The Part B (Medical insurance) deductible in 2014 is $147
I spoke with a Medicare Beneficiary who wanted to add a Medicare Supplement because she had some health issues and the treatment was getting expensive. Unfortunately, she could not get approved for a policy because of her current medical conditions. The point is...we don't have a crystal ball to predict our health. If you're healthy now and it doesn't seem necessary to spend the money on a Medigap Plan, then think about the long term effects. As we age, our health changes and you may end up paying a lot more in medical bills.
Thank you for reading my reply. Please let me know if I can be of further assistance.
A Medicare Supplement in my professional opinion is very necessary. When faced with serious health issues you could be faced with thousands of dollars in medical bills if you don't have a Supplement. If you don't have a Medicare Supplement you are responsible for the Part A deductible of $1,260 for an inpatient hospital stay and you can only receive 20 days of Skilled Nursing Care at no cost. Under Part B of Medicare you are responsible for 20% of all Medicare approved charges with no limit on what you could owe. For example, chemotherapy treatments for cancer or kidney dialysis, 20% of those cost are huge. A Medicare Supplement is both a medical and financial necessity.
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Original Medicare only covers about 80% of your hospital and outpatient charges. Seniors with a healthy bank account may not need or desire to purchase a Medigap (supplement) plan. While you may be healthy now, your health can change at any time.
If you are hospitalized 3 times during a calendar year for unrelated medical conditions you will have to pay a deductible of $1184 (2013 Medicare Part A deductible) for each admission.
Medicare Part B outpatient charges can become expensive as well. After you have paid the calendar year Part B deductible of $147 (for 2013) you are responsible for 20% of the remaining charges not paid by Medicare. An $800 CAT scan can leave you owing several hundred dollars.
Medicare supplement plan F covers 100% of approved Medicare Part A and Part B charges.
Medicare Supplement insurance is designed to fill in the "gaps" that Medicare doesn't cover. So, if you stick with just Original Medicare Part A & B, you leave yourself open to paying the 20% that Medicare doesn't cover. In addition, you are responsible for the Part A and Part B deductible.
The Part A (Hospital insurance) deductible in 2014 is $1216
The Part B (Medical insurance) deductible in 2014 is $147
I spoke with a Medicare Beneficiary who wanted to add a Medicare Supplement because she had some health issues and the treatment was getting expensive. Unfortunately, she could not get approved for a policy because of her current medical conditions. The point is...we don't have a crystal ball to predict our health. If you're healthy now and it doesn't seem necessary to spend the money on a Medigap Plan, then think about the long term effects. As we age, our health changes and you may end up paying a lot more in medical bills.
Thank you for reading my reply. Please let me know if I can be of further assistance.