Medicare supplement insurance, also known as Medicare Part D, has helped millions of elderly Americans pay for their prescription medications and medical care. Although Medicare itself does not run regular commercials featuring actors and actresses, they have been airing Medicare supplement ads on television in recent years to reach out to more senior citizens. In addition to regular television spots, many Medicare supplement companies have also produced short video clips aimed at educating seniors about the benefits of this insurance. Unfortunately, these advertisements do not accurately represent the true costs of Medicare supplement plans. This is because the majority of seniors who purchase Medicare supplement insurance do not make use of all of the benefits provided.
Average cost of Medigap insurance
Medicare Supplement Plan coverage varies greatly depending on several factors including the age of the applicant, their location on Medicare, their family’s income, and whether they have had any preexisting conditions. The actual plan coverage will depend on several other factors as well, such as the type of supplement plan, any existing conditions, premium payments, the current age of the applicant, and the final deductible amount. These factors can cause the actual cost of Medicare Supplement insurance to vary significantly from year to year. While the average cost of Medicare Supplement insurance has stayed steady or slightly raised, the average cost of Medicare Part D insurance is constantly rising. Many seniors facing the possibility of Medicare coverage renewal are met with unexpectedly high premium payments as high as 15 percent.
If the original Medicare plan is continued, it will be possible to reduce the cost of Medicare Part D by increasing the premium payments, reducing the number of exemptions, increasing the deductible, or adding other Medicare coverage. Unfortunately, doing these things to reduce your costs would have a very adverse affect on your standard of living. The majority of seniors who are faced with the prospect of changing their Medicare coverage would prefer to keep the coverage they currently have. Increasing premiums or taking away benefits that they currently enjoy is not an option for most senior citizens. It would be in their best interest to follow the guidelines established in the Medigap Plan, which recommends that all senior citizens receive coverage that meets their needs without increasing their monthly out-of-pocket expenses.