Do I really need Medicare Supplement Insurance?
When I hear this question I think to myself, I don't know do you?
I guess it depends on if you may need to use the hospital or doctors down the road. Are you a risk taker sort to say or you don't take risks at all. I always wonder, if you own your home, do you carry homeowners fire insurance on it. The answer is almost always yes and it's because if a fire happened and you had no insurance then it would be financially devastating just as it could be with no Medicare supplement insurance in place.
Same thing with auto insurance. Most people wouldn't be caught dead without it because to repair a vehicle gets costly. That's why it's called insurance. To insure us against a loss.
Medicare supplement insurance is actually really inexpensive when you think about it compared to what we paid before we turned 65. As you know there are always exceptions to everything. You may of had an employer plan and paid nothing for it. In this case you would be out of pocket with Medicare and a supplement. I personally would never go without a supplement to my Medicare because I am of the opinion it's a matter of time before my health would need attention.
If you decide to just get Medicare only then most all of us will receive Part A for free and Part B will cost us $144.60 out of our Social Security check. If you are not taking Social Security yet then you will receive your premium of $144.60 quarterly ($433.80). You can also pay monthly out of your checking account with Medicare and they will draft on the 20th of each for the upcoming month. However keep in mind that if your income is higher than most, then you will pay a little extra for your Part B premium as well as your Part D drug program.
So Part A covers your hospital stay but not the deductible of $1408. Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A. Part B deductible is $198 annually. You also have a 20% co-insurance with Part B. Each year the Medicare premiums, deductibles, and copayment rates are adjusted according to the Social Security Act.
If you happen to be in Medicare's system prior to 1/1/20 then you will still be able to buy Plan C or F with no copays or deductibles. If you are beginning your Medicare 1/1/20 or after the best plan that's available to you is Plan G. The standardized plans are A, B, D, G, HDG, K, L, M, N.
In conclusion it is not a good idea to go without a Medicare Supplement Plan.