Seniors Continue To Be Satisfied With Medigap (Supplemental) Coverage

Medigap (Medicare Supplement) policies offer coverage, at varying levels, for the significant out-of-pocket costs that are not covered by Medicare. These would include deductibles (for Parts A & B) co-insurance (up to 20% Medicare does not pay plus any excess charges) and co-payments, depending on the plan. This important supplemental protection allows seniors and younger Medicare enrollees with disabilities, many of whom are on fixed incomes, to budget for medical costs and avoid the confusion and inconvenience of handling complex medical bills, thanks to electronic claims filing, where supplemental bills are electronically connected to Medicare, for processing. People enjoy seeing what ever doctor or hospital they care to, when they have a modernized medicare supplement (Medigap policy). They can switch carriers as often as they like, unlike Medicare Advantage HMOs where they are locked in for a full year without the ability to switch back to traditional Medicare. I recently had a client (a long time friend, and his wife) take a cruise to Hawaii. They both are on Medicare. She got sick in the middle of the ocean. Medicare doesn't pay for foreign travel BUT her supplement, I sold her, paid for foreign travel. She got a check for over $800 for treatment she received on the boat, from her supplemental carrier. She was beyond thrilled. I start my valuable protection on 7-1-12 and I can't wait. Think of all the millions who paid into medicare and social security (along with their employers) for over 4 decades, only to die before reaching age 65. Where did all that money paid in go? Thats right. The government kept it all. It does not go to survivors of the deceased. That's why I cringe when a politician calls medicare and social security "entitlements." That's OUR money. Yes, after over 4 decades, we are "entitled" to OUR money. It's like a quest. I welcome that red, white and blue card. You should too..The key findings from the AHIP "Satisfaction Survey" include..Nearly 90% of those surveyed are satisfied with their supplemental coverage, stating "supplemental protection provides excellent or good value for the money."  Over 90% would recommend Medicare supplement protection to a friend or relative when they turn 65.  When asked what they liked most about their Medigap (supplemental coverage) enrollees emphasized, limits on out of pocket costs, ability to see what ever doctor they wanted to, no paperwork and the ability to budget for any unexpected medical costs. If Medigap (Medicare supplement) insurance was no longer available to them, those surveyed indicated out of pocket costs, the loss of financial security and peace of mind would top the list of their concens. Feel free to call a senior, on Medicare, with your senior issues, folks. Allow me to assist you with this important transition. Until next time.

Glenn Posner, CLTC   847-965-1037