Thank Goodness for Medical Insurance

I’m sorry I’ve been offline for the last couple of weeks but I had to have a medical procedure done.  I’m fine and back to share things with you again.

As I mentioned, I needed to have a procedure.  I’m on Medicare and have a supplement to go along with it.  So, what does that mean?  Just in case you don’t know, Medicare has a deductible which changes annually (usually up, not down) and doesn’t pay 100% for procedures.  As a result, so that I’m not out of pocket for anything I need to have done (pharmacy drugs are not included in this), I pay extra for a supplement.  How this works is that after Medicare pays whatever they’re going to pay, my supplement picks up whatever is left after a small yearly deductible.  

As a result, after my procedure, I didn’t have to pay anything as I had already satisfied my deductible earlier in the year.  It’s nice to know that I won’t be out of pocket when I have a major or minor procedure or issue.  So, why am I telling you this?  For many of you, you’ll have group medical insurance through your job and you’re kind of stuck with whatever your employer has available.  But, once you’re on original Medicare, I highly recommend getting the best supplement you can afford.  

I was lucky that my employer offered two different supplements as a retirement benefit.  One was a Medicare Advantage plan and the other was a supplement to original Medicare.  I opted for the latter even though it was more expensive.  After all, you never know when you’ll have some kind of medical crisis and need more insurance.  The Medicare Advantage plan was less expensive, didn’t have a deductible, but did have co-pays on most medical services.  My deductible was nominal with no co-pays after the deductible was satisfied.  

To look at different options, I recommend you find a broker who sells supplements if you don’t have a supplemental insurance offering through your employer as a retiree.  There are several out there and you’ll want to look in you local phone book for them.  Additionally, you can look on Medicare’s website at plans that you can compare and are available in your area.  

So, if you’re on Medicare and need a supplement, make sure you get the best one that you can afford that will satisfy your medical needs.  Talk to you next week!