Arguments against Medicare Supplemental Insurance

Arguments against Medicare Supplemental Insurance

Some people are of the opinion that Medigap / Medicare insurance could be a frivolous form of spending. That’s why some people think it’s true. Medicare is a health insurance program run by the government for people aged 65 and over and those who have been in disability retirement for at least 24 months.

It has been argued that Original Medicare is the best insurance policy in the United States and one of the best in the world. The Medicare Part A premium will probably be paid on your behalf (i.e. through the fees you pay), and the premium for Part B is only $ 110 each month for persons who received Medicare supplements in 2010. Apart from the low expenses, you have a great deal of liberty in having access to health care coverage. You can travel to any location in the country and see a doctor or hospital that accepts Medicare.

This raises the question: if Medicare is a big policy in itself, why can anyone in the world buy Medigap insurance? An additional Medicare policy is an insurance sold by a private insurance company. The purpose of these policies is to fill the gaps left by Medicare. For this reason, these policies are often called “Medigap policies”.

Here are 3 arguments against Medicare supplementary insurance

  1. Guaranteed insurance

When you are eligible for Medicare for the first time (for example, if you are 65 years old), you are entitled to a Medicare supplement. In most situations, and in most states, it is possible that you are in the advanced stages of a terrible illness and a Medicare supplement company can offer you insurance at a discounted rate. Once you are qualified for a Medicare supplement policy, you can never lose insurance while paying premiums.

  1. Protection against “big things”

If for an X-ray or a quote you have to pay a few dollars to your doctor, this is probably not a big deal. But if you have problems, that is, if you really get sick, Medicare’s initial protection may not be as strong as you thought. Expenses worth $ 1,100 for hospitalization can accumulate very quickly, as well as your share of costly diagnostic tests. The fact is that most of us do not buy insurance for small things, like a thing on the car. But we want the insurance to insure the unexpected, like a ghastly car accident etc.

  1. Affordability

For most people, Medicare supplement policies are very affordable. For example, an older person who turns 65 in Tarrant County, Texas, may obtain a state health care supplement policy for just above $ 100 a month. An old woman of 70 year can get the same F policy for around $ 130 a month.  It is not only very convenient, but also very predictable. For example, in Policy F, your only health care costs (apart from prescription drugs) are the cost of your monthly Part B premium and your Medigap premium. Considering all these factors, the Medicare supplementary insurance case is much more convincing than the one against it.