Medicare Supplemental Insurance — Why?
I think I’m about to drop a bomb of a question. Here goes: What do you need supplemental Medicare insurance for?
My late father didn’t have it. Medicare paid for whatever it pays for, and then he paid the 20%. When he passed away in the hospital, Medicare paid the $250,000, and we paid the 20%—all of $1250. Throughout his 23 years on Medicare, the 20% he was responsible for came in in drips and drabs—$15 here, $20 there. Not much, right?
Same with mom now. Mom has been on Medicare for 33 years. I receive very low bills. I pay them quickly and we’re done.
Same with me. I got a bill for the 20% on a photo of my retina, all of $6.
The premiums for supplemental insurance are high. The various 20% bills are so low. I think my parents saved a lot of money over the years by NOT buying the supplemental insurance.
What am I missing?
Terry Says
You’re missing a significant illness or injury — and the astounding costs that pile up when that happens. Your family has been lucky so far — only minor bills for minor co-pays. But 20% of an extended hospital stay or lingering illness could be devastating. And those costs are relatively much higher now than 30 years ago! That’s the real bomb!
Don’t push your luck. Get a supplement immediately after signing up for Medicare — the most comprehensive one — Plan F.
