Understanding Medicare Supplement Insurance

Medicare covers about 18% of the U.S. population and Medicare expenditures represent about 21% 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 60.9 million individuals;
  • Part B (coverage for doctors, outpatient, medical equipment and home health) covers 56.1 million individuals;
  • Part C (Medicare Advantage) covers 24.1 million; and
  • Part D (prescription drug coverage) covers 46 million.

Stated differently, Medicare covers about 18% of the U.S. population and Medicare expenditures represent about 21% of the total cost of healthcare expenses in the U.S.

However, with deductibles and coinsurance, Medicare pays about 20% 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.

Facts/Trends About Medicare Supplements

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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 2021