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Why do Seniors need Medicare Insurance? Doesn’t the government pay for it?

Nov 26, 2012

Our government does offer health insurance coverage through our Medicare system. One of the fallacies is that Medicare insurance is free and that is actually not the case. The government takes approximately $100 per month from a senior’s (65+ years old) Social Security check to assist with the cost of providing health insurance coverage. The problem with the coverage offered by Medicare is that the benefits are so limited the senior has to pay more money out of his/her pocket every time they go to the doctor, have a procedure done or have to go into the hospital. These costs can rack up very quickly, which is a huge issue for seniors on a fixed income. Additionally, Original Medicare does not provide much coverage for preventative medicine.

Because of these factors, private insurance companies offer Medicare supplemental insurance plans that assist seniors with their health insurance needs. There are a lot of different types of insurance plans, but the most common are Medicare Advantage plans, Medicare Supplements and Prescription Drug plans. These plans vary from HMO type plans to plans that cover whatever is not covered by Original Medicare. The costs and benefits of these plans vary depending on a number of factors, such as where a senior lives, plans available in that area, etc.

Only a small percentage of seniors just have Original Medicare. Most seniors sign up for additional coverage so they can be sure their health care is properly covered. This fact and the fact that 10,000 people turn 65 every day, makes the Medicare industry one of the fastest growing insurance fields.

To learn more about a Medicare Insurance career click here.