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Is it Worth Getting Medicare Supplemental Insurance?

This is a good question that’s asked by millions of Americans – especially as they approach retirement age.  It’s also a complicated question, and the short answer is: it depends.

First, let’s talk about what Medicare and Supplemental Insurance are: Medicare is a government program broken down into 4 main parts.  Put simply, Part A covers hospitalization costs; Part B covers doctor’s visits and medical tests; Part D is offered through private insurers and covers prescription drugs.  Part C, sometimes called Medicare Advantage, are private health plans approved by the Centers for Medicare and Medicaid Services (CMS) used to add coverage for things like prescription drugs.

Supplemental insurance is also offered through private insurers and is mainly designed to cover Medicare’s out-of-pocket costs like deductibles & co-pays.  Without supplemental insurance, you would have to dip into your savings to pay for those expenses.

So… is Medicare Supplemental Insurance worth buying?

There are 10 different supplemental insurance options to choose from (Plan A to N) that offer varying levels of coverage for things like hospice care, nursing facility care and even foreign travel emergencies.  While everyone’s financial situation is different, most retirees (and many Americans) purchase some kind of supplemental insurance – and we recommend it as well.

If you are healthy and expect to remain reasonably healthy in retirement, then your health care expenses should not change much from where they are now.  In that case, you probably won’t need a supplemental insurance policy.

But that’s the best case scenario.  The sad truth is that not many people remain completely healthy in retirement.  If you do require significant medical attention at some point, and you don’t have supplemental insurance, you could be stuck using your retirement savings to pay for medical bills.

That’s why for most people, it’s recommended that you carry some supplemental insurance.  That way you can turn an unpredictable and potentially catastrophic event into predictable monthly payments that you can budget into your retirement plan.

Need help deciding?

The US government has posted a handy Medigap Comparison Chart outlining the different supplemental insurance options available to Americans.  But be careful, some types of policies might not be available in your state or with your current plan.

If you’d rather not spend time figuring this out on your own, speak to a Licensed Medicare Agent at by calling 1-844-236-0228 today.  We’ll be happy to break down your options for you, help you compare costs and benefits so that you pick the right coverage to ensure your financial security in retirement.