Make a Wise Investment with Medigap Coverage

You're probably familiar with Medicare, the government program that provides residents of the U.S. over the age of sixty-five have access to insurance. Some people, though, still aren't sure that purchasing a Medicare supplement policy is a wise investment. Let's look at five ways a Medicare supplement policy is money well spent.

1. Hospital stay deductibles and co-pays: while Medicare Part A is great for covering major hospitalization expenses, there are still deductibles, co-insurance and co-pays that are your responsibility. For example, there is a fee that you must pay per day of your hospital stay, starting at day 61.

Your cost increases per day after 90 days, and your Medicare coverage ends after 150 days in the hospital. In addition, there is a deductible (now more than $1000) for the first 60 days of a hospital stay. Regardless of which Medicare supplement (Medigap) policy you choose, it will pay your share.

2. Co-insurance and co-pays for doctors' services: Medicare Plan B covers services provided by your doctor. You are responsible for a deductible (currently $135) each year, plus coinsurance equaling 20 percent of all Medicare-approved services.

These costs don't apply for preventive services, but can certainly add up if you have multiple conditions for which you see your doctor. In addition, if the doctor doesn't accept Medicare assignment, the patient is responsible for the difference between what he charges you and what Medicare has approved for those services. Medigap policies A - L (standardized by the government) all cover your share of the cost.

3. Skilled nursing costs co-insurance: if you must enter a skilled nursing facility, Medicare will cover the first 20 days, but you'll be required to pay over 100 dollars per day for days 21 to 100 each year. Several of the standard Medigap policies will cover your share of the costs.

4. Blood transfusion costs: Medicare Part A and B step in when you require a blood transfusion, but the patient is required to pay for the first three units of blood. In addition, if the blood is administered as an outpatient service, your share also includes 20 percent of the Medicare approved amount for additional units.

5. Foreign medical care: Should you require medical care outside the United States, your Medicare coverage does not apply. For Medicare patients who like to travel, looking into a Medigap policy that covers foreign medical care (Plans C - H) is a smart idea.

If you've been wondering whether you should purchase Medicare supplement insurance, consider these five reasons why it's a wise investment. There's also plenty of information available online about the different Medigap policies.

It pays to learn all you can about what is and isn't covered by Medicare, and to purchase the Medigap coverage that best suits your anticipated needs. Making decisions based on the facts, especially about health care needs, is always a wise investment of your time.

To learn more about subjects like Medicare supplement please visit the web site at: http://www.gomedigap.com

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About the Author

Chris Robertson is a published author of Majon International. All Rights Reserved. Copyright 2009 (Thu Apr 30 2009) Majon International. Majon International is one of the worlds MOST popular internet marketing and internet advertising companies on the web. Visit their main business resource web site at: http://majon.com