Considering Supplemental Insurance Along With Your Medicare Plan?

Even if you already have a Medicare insurance plan, you might be considering additional Medigap insurance, also referred to as supplemental insurance. Supplemental insurance can be a great way for you to expand your total insurance coverage, as it can provide for things not covered by your Medicare plan, including co-pays. However, because it would be an additional bill each month, it's important to think carefully before buying a policy. Here are some things to think about when making your decision.

Your Chronic Health Conditions

If you currently have a chronic health condition such as diabetes or COPD, complications from these conditions could cause your medical expenses to greatly increase over time. For example, you may need to see your doctor more often, which could mean more co-pays throughout the year. You may also have to purchase more medical devices and supplies. To cover these costs and make sure you don't experience financial hardship because of them, you may decide to get supplemental insurance.

However, if you only see the doctor sporadically for wellness visits, Medigap coverage might not be needed.

Prescription Drug Coverage

If you want to get supplemental insurance in order to cover the costs of expensive prescription drugs, be aware that is no longer an option. You may have friends or a spouse with older supplemental insurance plans that do have prescription drug coverage, but as of January 1, 2006, new supplemental plans do not provide these benefits.

If you need prescription drug coverage, you will need to pick up Medicare Plan D or a Medicare Advantage Plan when there is an open enrollment period.

Your Current Doctor

If your doctor is considered "out of network" on your current Medicare plan, a supplemental insurance policy might be a great solution for you. The Medigap insurance may be able to cover out of network fees so that you can continue to see the doctor you like, if that is your choice.

However, if you are planning to switch your current doctor, supplemental insurance may be unnecessary, as you can simply choose a doctor that is in your Medicare plan's network. 

Now that you know a little more about what Medigap plan can offer you, use the details in this article to make a decision about whether supplemental insurance is something you want. Be sure to talk this through with a Medicare insurance expert like Continental Insurance Agency, LLC who can help you determine the best course of action for your health and finances.