IS BASIC MEDICARE INSURANCE SUFFICIENT?
The Importance of Understanding and Using Medicare Insurance
If you are like most seniors new to Medicare, you may be trying to decide if basic Medicare insurance is sufficient to take care of your medical expenses. It is very important that you make a timely review of what coverage you have under the basic Medicare Part A and Medicare Part B insurance programs.
Failure to make the proper decision could leave you responsible for a large portion of your total medical expenses. This will most likely, not be something you considered in your financial planning. You might fail to meet specific time deadlines and miss the ability to obtain supplemental insurance. If this happens you may face late enrollment penalties. Worse case and unexpected change in the status of your health could cost you a lot of money.
Specifically, failure to have a supplemental policy to help cover Medicare Part A and B that is your responsibility will mean you must pay all co-pay amounts for doctor’s visits and lab tests as well as twenty percent of all hospitalization costs, plus the Medicare Part B deductible expense. This is a financial responsibility that could be economically disastrous and immeasurable in advance, resulting in a serious financial hardship for you and your family.
Make sure you checkout all possible options and alternatives. Get help from the Medicare customer service hotline and the help centers for the various companies that will offer you supplemental Medicare Insurance. Make sure you checkout Medicare insurance supplement plans and so-called Medicare Advantage plans to determine which is best of your particular financial situation and health status. While these plans all vary, to one extent or another, most provide maximums that will protect you and your family from financial catastrophe. This is true for most supplement plans for Medicare and Medicare Advantage plans.
Another very important thing to consider is what coverage you may, or may not need as relates to Medicare part D, drug plans. While it is not a requirement to have a plan for Medicare Part D if you fail to join a plan during the yearly enrollment period, you will be subject to some expensive penalties.
The benefit of a plan for Medicare Part D is that these plans are offered to you via private sector companies selling health insurance, which are properly connected by Medicare. Medicare basic coverage does not provide Part D coverage but does set the requirements, at a minimum, for all of the private sector plans which health insurance companies will be offering to you.
Most American citizens who are seniors need to have some form of help for their Medical expenses. The basic Medicare health insurance coverage is not sufficient, unless a senior is fairly well to do. Even then it is a risk for even the wealthiest families to cover the amount of medical expense that a family can incur if a catastrophic illness strikes someone in the family. If you are a senior, soon to start on Medicare, protect yourself, your spouse and your financial planning for your retirement by researching and taking a supplemental Medicare plan that fits your needs.
This website is not affiliated nor endorsed by or with the United States Federal Medicare program. It is an independent consumer information portal only.