A Medicare supplement plan, also known as a Medigap policy, protects you and your family from the costs of healthcare not covered by Original Medicare. It ensures that you can get the care you need without being burdened with out-of-pocket expenses.
However, there are some misconceptions about these plans that might be preventing you from getting one. Here are 5 myths about Medicare supplements and the real facts behind them.
Myth 1: Medicare Supplements Are Too Expensive
One of the most common misconceptions about Medicare supplements is that they’re too expensive.
The truth is, most people who have Medicare supplement insurance have a plan with a premium and co-payments that are affordable on their budget. Many plans offer rates and benefits that are comparable to those of employer-sponsored health plans.
A lot of people get confused about what Medicare covers. What Medicare does not cover is the chronic care for some patients like kidney dialysis, vision care, and dental work (just to name a few). So, if you need these types of services, you may need to purchase an additional policy.
However, it’s important to note that there are some standard benefits that Medicare supplement plans do cover. For example, they’ll help pay for hospital costs when you stay overnight or longer, as well as doctor visits and lab tests related to surgery.
Myth 2: Medicare Supplements Don’t Cover Your Costs
Even though Medicare supplements don’t cover all of your medical costs, they still significantly reduce the other expenses you’ll need to pay. Proof? The average extra cost for a hospital stay is $6,000, but with a Medigap plan, you would only be responsible for around $1,800. Seeing how much lower your other costs are with a supplement is a great way to understand how beneficial it can be.
Myth 3: Medigap Plans Are Too Complicated To Figure Out
If you have a Medicare supplement plan, it helps cover the costs of health care that Original Medicare doesn’t cover. This includes deductibles, copays, coinsurance, and some services not covered by Medicare like dental and vision care.
Some people think that these plans are too complicated to figure out; but if you take the time to compare your options and figure out which benefits are most important for you and your family, then it won’t be difficult at all. With so many different plans available, it’s really up to you which one is best for your needs.
Myth 4: You Can’t Get A Medigap Plan If You’re In Poor Health
Health status has no bearing on whether or not you can get a Medicare supplement plan. Anybody with Original Medicare, even those in poor health, are eligible for these plans. You might be surprised to find out that about two-thirds of beneficiaries who buy a Medigap plan have some type of chronic condition.
Myth 5: You Don’t Need A Medigap Plan If You Have Supplemental Insurance Coverage
False. You should always have a Medicare supplement plan. Those who rely on supplemental insurance coverage alone often find out too late that the coverage doesn’t cover everything and they’re stuck paying for healthcare costs themselves. Depending on the policy, your supplemental insurance might only cover a portion of the charges or offer no coverage at all.