Managing your healthcare needs can be one of the more expensive and difficult aspects of your life. Yet, these expenses can be essential for allowing you to live a full and comfortable life. For many people, Medicare can be the only way that they can afford these essential services. Individuals that have recently been approved for Medicare will often have questions concerning Medicare supplements and whether or not they should carry one.
Why Would You Need To Have A Medicare Supplement Plan?
Medicare will cover the vast majority of the medical expenses that you will need to have paid. However, this program will not cover every medical expense that you incur. For example, you will find that you are still responsible for co-pays, deductibles, and other basic expenses. Over the course of receiving treatment, these expenses can become significant. A Medicare supplemental plan will provide coverage for these expenses that will not be paid under traditional Medicare. In addition to helping you better manage the costs of your treatment, these supplemental plans will also allow you to add coverage, such as dental, that is not offered under basic Medicare coverage.
Will Medicare Supplements Cover Your Medications?
One of the largest out of pocket expenses that Medicare patients will assume they have to pay is the cost of their medications. Basic Medicare coverage will have severely limited or nonexistent medication coverage. While you may assume that you will have to buy a Medicare supplemental plan for this type of coverage, you can actually obtain it by opting into a separate Medicare prescription drug plan. While this may seem confusing, it can essential for providing you with the highest level of coverage for treating your medical needs.
Are Medicare Supplement Policies Complete Health Insurance Plans?
One of the more commonly misunderstood notions about Medicare supplemental plans is that they are standalone insurance that can provide coverage that is independent of Medicare. However, this is simply not the way that these policies are designed. Rather, a Medicare supplemental plan will only pay for the costs incurred by receiving Medicare approved treatment. As a result, you will not be able to use your supplemental policy as a base form of insurance. Also, you will have to stay enrolled in Medicare to continue to be able to enjoy the protections of your Medicare supplemental plan. You may find the concept of having this type of additional insurance strange, but it can prove to be the most effective way of stabilizing your medical costs.