Medicare Supplement Costs: Can Seniors Afford Medicare Supplements?

Medicare always seems to have its controversies and has for decades had both supporters and detractors. These days, the situation is even more tense then ever because of huge budget issues and constraints, in-fighting by lawmakers and the high cost of medical care that seems to keep going further and further out of control.

Since Medicare does not pay all of a senior’s medical expenses, there are Medicare Supplements available. Medicare Supplements come in numerous packages designed to meet people’s most urgent needs. Some cover certain co-pays and others cover other co-pays and procedures.

Medicare Supplements are defined by letters of the alphabet and each letter covers different medical issues from prescriptions to outpatient procedures. The issue has become that several companies sell all of these Medicare Supplements. The Supplements offer the same coverage for each company. For instance, if you choose supplement G and H their coverage is the same regardless of what company you buy from.

The problem is not necessarily the coverage; it is the fact that each company has been setting their own price for this coverage. What that means for seniors purchasing coverage is that if they purchase coverage from company #1 it may cost them $90 per month, while company #3 is charging $210 per month.

Medicare and CMS, as well as lawmakers, are pulling in the reigns and making it harder for companies to gouge seniors, many of whom have limited or very limited incomes and are making hard choices as to what to choose to spend their money on. Many seniors are not aware of the huge discrepancies between companies, so they are paying more for their supplements than they need to.

As the government tries to keep things more fair and balanced, it is important for seniors to know what they need and get the best price. If the services you need would cost you $350 per month but the supplement would only cost $90 per month it makes sense to get the supplement because it would save you money.

Many seniors will save a good deal of money throughout the period of a year if they purchase the right Medicare Supplement at the right price. If you are trying to determine what Medicare Supplement is right for you, go to www.cms.gov or www.medicare.gov for information and assistance. They can help you unscramble a confusing situation and purchase the right supplement that will save you money.