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When you retire or become eligible for Social Security Disability benefits, you may lose access to health insurance that your employer subsidized for you. Instead, you become eligible for Medicare that will cover a portion of your medical expenses. However, Medicare does not cover everything for you. You will need to take out Medicare supplement insurance to pay for most or all of what Medicare does not pay for you.

Hospital Coverage

When you shop for supplemental coverage, you need to find out what kind of hospitalization coverage that it can offer to you. Medicare by itself typically covers half of your hospitalization costs. You then are left to pay for the remainder of the bill on your own.

Instead of paying for those costs out-of-pocket, you can instead purchase supplemental insurance that should pay most or all of them for you. However, you also do not want this coverage to come at the expense of a large premium. You ideally need to look for a policy with a low monthly premium and high hospitalization payouts.

Wide Acceptance

As you shop for a new policy to pair with Medicare, you need to locate one that is accepted in most of the healthcare facilities in your local area. It should provide you with a readily available Medicare supplement insurance provider that you can get in with right away and transfer your care to after you retire or begin receiving SSI or SSDI benefits. 

Medicare on its own may not be readily accepted among providers in your area. You could better your chances of seeing a doctor right away by taking out a supplemental policy.

Prescription Coverage

Medicare alone covers low-cost generic prescriptions. However, it may not cover equipment like glucose monitors or oxygen tanks. It also may not cover name-brand medications. A supplemental policy betters your chances of getting name-brand drugs, prescribed equipment, and other services like in-home care. You avoid having to cover these expenses on your own.

Medicare may cover many of your healthcare costs. However, it will not spare you from getting bills for remaining balances. You can get most or all of these leftover costs covered with Medicare supplement insurance. It can also give you access to a larger Medicare supplement insurance provider network to which you can transfer your care. This coverage can replace your employer-subsidized health insurance that you leave behind after retiring. Reach out to a professional to learn more about Medicare supplement insurance.