When you sign up for Medicare Parts A and B, you also have the option to apply for a Medicare Supplement insurance plan.
AÂ Medicare Supplement plan, sometimes called â€œMedigap,â€� is a private insurance policy that can help pay for some of the health care costs that Medicare doesnâ€™t cover. But is this coverage really necessary? And more importantly â€” is it worth it?
WHY CHOOSE A MEDICARE SUPPLEMENT PLAN?
To answer those questions, it may help to understand why youâ€™d want to enroll in a Medicare Supplement plan in the first place. Here are some important reasons:
- It helps pay the portion of approved expenses not covered by Medicare. This can include out-of-pocket expenses such as copayments, coinsurance and deductibles.
- There are a variety of plans to meet your needs. Erie Family Life offers four supplemental insurance plans designed to fit your life and your budget.
- With no network, you can choose any doctor or hospital that accepts Original Medicare.
- Coverage is guaranteed to renew each year (unless you make untrue statements, commit fraud, or fail to pay premiums).
IS IT WORTH IT?
As with any insurance policy, the answer to whether the cost is â€œworth itâ€� will largely depend on your personal financial situation.
But health care and out-of-pocket expenses for Medicare participants are on the rise. If youâ€™re concerned about your ability to pay unforeseen health care costs, youâ€™ll probably find that the peace of mind a Medicare Supplement plan can provide is worth the cost.
And if youâ€™re already an ERIE customer, you may be eligible to get lower premiums with discounts, including:
- Household Discount:Â Available if someone else in your home has an ERIE Medicare Supplement plan. The availability and amount of this discountÂ varies from state to state. Ask your agent for details.
- Multi-policy Discount:Â Available when the Medicare Supplement plan covers an ERIE auto, home or life policyholder. Not available in all states.
TALK TO AN ERIE AGENT
When it comes to reviewing and choosing aÂ Medicare Supplement insurance plan, the decisions can be daunting. But you donâ€™t need to be an expert because weâ€™re here to help. Contact your ERIE agent orÂ find an agentÂ in your neighborhood for your free Medicare Supplement guide.
Erie Family LifeÂ and our agents can help you select the best supplemental plan for your life and your budget. And weâ€™ll be here when you need us, ready to answer your questions. Thatâ€™s our promise of service.
ERIEÂ® Medicare Supplement insurance products and services are provided by Erie Family Life Insurance Company.Â Go to erieinsurance.com for company licensure information.
The policy has exclusions, limitations and terms under which the policy may be continued in force or discontinued. For costs and complete details of the coverage, contact your ERIE agent or refer to the government guide Choosing a Medigap Policy: A Guide to Health Insurance for People With Medicare.
Eligibility for insurance coverage will be determined at the time of application based on applicable underwriting guidelines and rules in effect at that time.
ERIE Medicare Supplement insurance is not available in the District of Columbia, New York and Wisconsin.Â Life insurance not available in New York.
Medicare Supplement policy forms for Tennessee: EFLMS3003 9/17 (A) TN; EFLMS3009 9/17 (F) TN; EFLMS3014 9/17 (G) TN; EFLMS3019 9/17 (N) TN.
Maryland: Medicare Supplement policies are available to disabled individuals under the age of 65.
Not connected with or endorsed by the U.S. Government or the Federal Medicare program. This is a solicitation of insurance.Â An agent (or the company) may contact you.
Source: New feed