Are you reviewing your Medicare coverage options in Schererville, Indiana? If so, you have probably heard of Medicare supplement insurance — so what is it, and how can it help you save money?

Medicare is a federal health insurance program for people aged 65 and older. It is designed to cover about 80% of an insured’s healthcare costs. For retirees, the remaining 20% — which includes deductibles, coinsurance, copays, and other out-of-pocket expenses — can quickly stack up and put a big dent in their fixed income. Fortunately, a Medicare supplement plans can help alleviate some of those financial burdens.

Below, this Medicare supplement insurance provider in Schererville, Indiana is going to explain how these types of plans can help you save money.

What Is a Medicare Supplement Plan?

Medicare supplement insurance (more commonly known as Medigap) complements or supplements an individual’s Medicare coverage and kicks in when you need it the most — whether you are struggling with high deductibles, prescription costs, or a family history of a life-threatening illness. In other words, it covers any additional healthcare expenditures not covered by Original Medicare Part A (hospital insurance) and Part B (medical insurance),

To understand how much you could save by signing up for supplemental Medicare insurance in Schererville, Indiana, you’ll want to consider the following factors:

• What health care services and supplies are you responsible for paying that Medicare does not cover? Add up your deductibles, coinsurance, and copayments to arrive at this figure.
• How is your health in general? Has your health started changing lately? Do you think you may require more medical care now than in the past?
• How frequently do you expect to see your doctor? Do you need coverage that may include durable medical equipment (DME) like blood sugar meters, continuous passive motion devices, infusion pumps and supplies, nebulizers and nebulizer medications, or wheelchairs and scooters — or do you expect being hospitalized or needing nursing home care?
• Do you benefit from any of the Medicare supplement plans available to you?
• Is the cost of a Medicare supplement plan less than the out-of-pocket expenses you would pay if you did not have a supplemental plan?

Bear in mind that Medicare supplement plans are not stand-alone health insurance plans — they work in conjunction with your existing Medicare coverage and are standardized to cover the same Medicare-approved services across insurance agencies. For example, Medicare supplement plans of the same letter (e.g., Plan F) offer the same basic coverage and benefits regardless of whether you buy it from us or another insurance agency. However, you can pick your insurance agent based on service and pricing. While Medicare supplement insurance plans are standardized and will generally offer the same benefits and coverage, shopping around for the best Medicare supplement insurance provider in Schererville, Indiana could save you quite a bit of money. 

Things to Keep in Mind

With a Medicare supplement plan, you are not bound to a particular network, and you can continue to see the same specialists and other health care providers as before. Premiums vary according to the level of coverage provided by your specific plan, as well as your age and location.

The best time to enroll in a Medicare supplement insurance plan in Schererville is during your initial open enrollment period, which begins the month you turn 65 and enroll in Medicare Part B (Medical Insurance).

Looking for a Supplemental Insurance Provider in Schererville, Indiana?

Supplemental health insurance policies can provide peace of mind by ensuring that you won’t be left with astronomical healthcare bills that aren’t covered by Medicare. Are you interested in learning more about these types of plans? If so, and if you’re looking for the best supplemental insurance provider in Schererville, Indiana, SCIS is the company to call. Contact us today at (219) 864-8686 to get started.