Medigap, Medicare Supplemental Insurance, covers the gaps that Original Medicare doesn’t cover financially. For those with only Medicare, cuts in coverage are linked to an increased mortality rate.
Medicare Cuts Correlate with Increased Death Rate
According to the Medicare News Group, two researchers, Vivian Y. Wu of the University of California and Yu-Chu Shen of the Naval Postgraduate School, found a direct correlation between an increased mortality rate and the Balanced Budget Act of 1997’s Medicare cuts in their National Bureau of Economic Research Working Paper. “Every $1,000 of Medicare revenue loss from the BBA translated to a six to eight percent increase in mortality rates from heart attack,” the article stated.
But it isn’t just heart attacks the researchers are concerned with. There have been thousands of cancer patients being denied chemotherapy, seniors with liver problems not getting proper care, and other conditions not being treated properly. This is only getting worse with the 2013 2% Medicare budget cut.
How Seniors Can Protect Themselves With Medigap
When most people think of Medigap they think how it will protect them from financial ruin if they happen to have a serious illness. But because these plans offer supplemental coverage/extra financial protection, Medigap patients may actually live longer than a senior with only Original Medicare by filling in some of the financial gaps that Original Medicare leaves.
What Medigap Covers
Medigap plans may cover the following (depends on plan chosen):
- Extended hospital stays up to 365 days
- Medicare Part A hospitalization coinsurance
- Part A hospice copay/coinsurance
- Skilled nursing coinsurance/copayment
- Medicare Part B coinsurance
- Part A & B deductibles
- Part B excess charges
- Up to the first 3 pints of blood for a transfusion
Note: as all the information in this article is based off a study, we will update as new data becomes available.
To sign up for a Medigap policy call 800-930-7956 or contact Senior65.com.