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Is A Medicare Supplement Insurance Plan Worth It?



When you sign up for Medicare Part A and B, you also have the opportunity to apply for a Medicare Supplement Insurance Plan.

A Medicare Supplement Plan sometimes called "Medigap", is a private insurance policy that can help pay for some of the medical expenses that Medicare does not cover. But is this coverage really necessary? And more importantly – is it worth it?

WHY CHOOSE A SUPPLEMENTARY PLAN FOR MEDICINES?

To answer these questions, it may help to understand why you want to sign up for a Medicare Supplement plan in the first place. Here are some key reasons:

  • It helps pay for the portion of approved expenses that are not covered by Medicare. This can include out-of-pocket expenses such as co-payments, coin insurance and deductibles.
  • There are a variety of plans to meet your needs. Erie Family Life offers four complementary insurance plans that are designed to fit your life and your budget.
  • With no network, you can choose which doctor or hospital accepts Original Medicare.
  • Coverage is guaranteed to be renewed every year (unless you make incorrect statements, commit fraud or fail to pay premiums).

IS IT WORTH IT?

As with all insurance policies, the answer depends on whether the cost is "worth it" largely depending on your personal financial situation.

However, healthcare costs for Medicare participants are increasing. If you are concerned about your ability to pay for unforeseen health care costs, you will probably find that the peace of mind that a Medicare supplemental plan can provide is worth the cost.

And if you are already an ERIE customer, you may be entitled to lower premiums with discounts, including:

  • Household discount: Available if anyone else in your home has and ERIE Medicare Supplement plan. The availability and amount of this discount varies from state to state. Ask your agent for more information.
  • Multi-policy discount: Available when the Medicare Supplement plan covers an ERIE policyholder for home, home or life. Not available in all states.

TALA TO A ERIE AGENT

When it comes to reviewing and choosing a Medicare Supplement insurance plan, decisions can be daunting. But you do not have to be an expert because we are here to help. Contact your ERIE agent or find an agent in your area for your free Medicare add-on guide.

Erie Family Life and our agents can help you choose the best supplement plan for your life and budget. And we will be here when you need us, ready to answer your questions. That is our promise of service.

ERIE® Medicare Supplement insurance products and services provided by Erie Family Life Insurance Company. Go to erieinsurance.com for information on business licenses.

The insurance has exceptions, limitations and conditions according to which the insurance may continue to apply or terminate. For costs and complete information on coverage, contact your ERIE agent or refer to the Government Guide Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare.

Eligibility for insurance cover will be determined at the time of application on the applicable warranty guidelines and rules in force at that time.

ERIE Medicare Supplement Insurance is not available in the District of Columbia, New York and Wisconsin. Life insurance not available in New York.

Medicare Supplementary Form for Tennessee: EFLMS3003 9/1

7 (A) TN; EFLMS3009 9/17 (F) TN; EFLMS3014 9/17 (G) TN; EFLMS3019 9/17 (N) TN.

Maryland: Medicare Supplemental Policies are available for people with disabilities under 65 years of age.

Not affiliated with or endorsed by the United States Government or the Federal Medicare Program. This is a call for insurance. An agent (or company) can contact you.

EFLMSB1 10/19


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