Understanding Medicare Supplement Insurance
Medicare covers about 16% of the U.S. population and Medicare expenditures represent about 20% of the total cost of U.S. healthcare expenses.
What is Medicare Supplement Insurance (MedSupp)?
It is not news that Medicare provides health insurance coverages to a large portion of the population, many of them seniors. To be more precise, Medicare...
- Part A (coverage for inpatient hospital care, hospice, and home health) covers 55 million individuals;
- Part B (coverage for doctors, outpatient, medical equipment and home health) covers 51 million individuals;
- Part C (Medicare Advantage) covers 17.5 million; and
- Part D (prescription drug coverage) covers 41.8 million.
However, with deductibles and co-insurance, Medicare pays about 50% of the cost of an individual’s cost of healthcare. Maybe that is why only one person in 10 relies on Medicare alone for health coverage. The rest have some form of secondary coverage and for many that secondary coverage is a Medicare Supplement, often referred to as a Medigap policy.
The terms and conditions of Medicare and Medicare eligibility for any individual are best directed to Medicare. However, the opportunity to provide a Medicare Supplement insurance policy to address health expenses that are not covered by Medicare is enormous, since approximately 10,000 people a day turn age 65 and 90% of them have or are looking for additional health coverage.
The amount of average case premium is $1,500 but will vary depending on location as policy costs vary by geographic location, say North Dakota vs. New York City. The U.S. Bureau of Labor Statistics anticipates a 22% growth in insurance sales for those selling Medicare as opposed to a 14% average growth for all occupations. The 22% growth is largely based on the growing number of older Americans.
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Medicare Supplement Champions helps independent insurance agents sell Medigap and other medical supplement policies. This agent only website provides you with educational materials, online training, rate comparison tools and other resources designed to assist you with selling Medicare supplement plans to consumer clients. For Agent Use Only – Not approved for use with the general public. Information deemed accurate, but not guaranteed. Copyright 2019