Medicare Supplemental Insurance a Good Bet
December 2010
As the cost of medical care, and
health care along with it, continues to rise a new report from the Employee Benefit Research Institute finds that for some retirees health costs could exceed $100,000.
The article at Life Inc., states that seniors who want to stay healthy in their golden years should start saving their "pennies." But as too many seniors know, it takes more than pennies to pay for
medical coverage, even with Medicare.
Which is why
Medicare supplemental insurance is a good bet these days.
For many seniors Medicare is their only form of health care, and while it covers a lot of important treatments and offers access to hospitals and doctors, any senior who has fallen into the "donut hole" of prescription drug costs can see that it isn't alway enough.
Seniors who want a 50% chance of covering all of their medical costs are told that they'll need to have $65,000 dollars in the bank of they're male, and $93,000 dollars if they're female.
Women are advised to have more in their savings because they tend to live longer, and their health care needs will be greater.
Facts on:
Health Care for Seniors
Did you know...
One out of four workers has put off retirement because they cannot afford to stop working?
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For those who can't afford to have so much money allocated to medical care - which would be many - a secondary form of coverage is ideal. "Medigap" insurance, or Medicare supplemental insurance, is coverage purchased by seniors that fills in many of the gaps left by Medicare.
There are many different types of Medicare supplemental insurance plans, each offering different services at different prices. For this reason it's a good idea to shop around, compare plans, and get a variety of health insurance quotes before signing on the dotted line.
Like Medicare, supplemental insurance plans are less expensive if you sign up for them during open enrollment, though you can apply for supplemental coverage at any time. The Medicare supplemental insurance open enrollment phase is a 6 month window of coverage during which time a senior citizen has turn 65 years old, has signed up for Medicare Part A, and has also signed up for Medicare Part B.
For questions regarding supplemental insurance, each state has an office of health insurance where seniors will find access to the rules and regulations for supplemental insurance as it is offered by their particular state.
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