More Seniors Buying Supplemental Medicare Insurance

Supplement insurance to fill in the gaps that Medicare does not pay are on the rise, increasing by 500,000 in 2017 over 2016, according to the American Association for Medicare Supplement Insurance.

At the end of 2017, there were 13.6 million people who carried the supplemental insurance, known s Medigap, compared to 13.1 million in 2016. The number of consumers with the insurance has risen steadily since 2010, when it was 9.7 million, the association said. 

“Demographics and desire for choice and options are the drivers of increasing Medigap sales up 40 percent from 2010 levels,” explained Jesse Slome, association director.

“Some 10,000 Americans turn 65 every day and a significant percentage add a Medicare supplement policy to augment their Medicare coverage,” Slome noted. “Medigap policies are attractive because they give consumers the ability to choose their doctors, specialists or care and options like high-deductible or no-deductible plans.

“For seniors, the quality of their health care is paramount and we’re seeing a surge in consumers seeking knowledgeable local Medicare insurance professionals able to helps them compare the options available locally,” he added.

Author: KAREN DEMASTERS  
Source: Charter Financial Publishing Network Inc.
Retrieved from: www.fa-mag.com
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