Do I need medicare supplemental insurance?

Question

65...have Humana prescription coverage...do I need more

Answer 1

You need to study the Guide to Health Insurance for People on Medicare. The Guide is published by CMS (Medicare)

I have included a link to this guide along with a link which provides Medicare and Medicare Supplement answers and options.

Answer 2

No you don't "need" it, but it is a GOOD idea to have it.

Medicare supplemental coverage works different than a prescription coverage.  

Medicare supplement insurance picks up where medicare leaves off.  For example medicare has a deductible of $1024 for a hospitalization which you would have to pay out of your own pocket if you went into the hospital.  if you needed blood you'd be responsible to pay for the first 3 quarts, if you go to the doctor there is a deductible for those visits too.  A medicare supplement could cover these expenses as well as many others that medicare does not cover.  

There are different supplement coverages A Threw J and each is not available in every state.

Premiums differ by The ZIP code you live in and vary by age.  You will have to go threw an underwriting process unless you are in the open enrollment (6 months before your 65th birthday until 6 months after) in that period you are guaranteed coverage.

Another note to mention, COVERAGES ARE THE SAME WITH EVERY COMPANY.  No difference at all in protection  you get!!!  as the government sets the standards for these policies and they must meet each detail.  The only difference is in the premium you pay and who you make the check out to.  So shop around for the best deal as well the company you are most comfortable dealing with.

Answer 3

If you only have medicare and your prescription coverage, yes you do need more. Medicare only covers some of your medical costs. Contact broker in your area that specializes in senior health plans. He (or she) will better be able to explain what medicare covers and the type of supplement that best suits your medical and financial needs.

Here is the link to the Medicare website:

http://www.medicare.gov/Default.asp

Of interest to you is the link to "Compare medigap policies" and the link to "What medicare covers".

Answer 4

After deductibles and coinsurance, in 2006 Medicare covered 57% of the average senior's health care cost. Medicare Part A has a $1024 per occurrence deductible, so if you went into the hospital 5 times in one year you'd have up to 5 deductibles. Medicare Part B has a $135 annual deductible plus 20% coinsurance. So yes, you need some additional coverage.

Depending upon your area, you have a choice of some or all of the following plans: Medicare Supplement, Medicare Select, Medicare Advantage HMO, Medicare Advantage PPO, Medicare Advantage POS, Medicare Advantage PFFS, and Medicare Advantage MSA. Many of the above plans also have prescription drug coverage and many have a $0 premium.

Visit a local agent that works in the senior market. The agent can explain what is available. There is no extra charge using an agent.

Answer 5

Yes, you do.