Medicare Supplement plans help reduce
burden of rising out-of-pocket costs
Jan 18, 2019, 07:00 ET
ERIE, Pa., Jan. 18, 2019 /PRNewswire/
-- A recent AARP study1
found people with traditional Medicare spent an average of $5,680 in one year
on insurance premiums and medical services, with half spending at least 17
percent of their income on health care. One in 10 spent at least $10,852. Erie Insurance now offers
several supplemental insurance plans to cover the gaps associated with Medicare
Parts A and B, also known as Original Medicare or Medicare.
Medicare provides coverage for
health-related expenses including inpatient hospital and skilled nursing
facility care, certain home health care services, doctor visits and more, but
participants still have to pay deductibles and coinsurance. These out-of-pocket
costs can create a significant financial burden, especially for seniors on
fixed incomes.
"Instead of covering gaps out of
their own pocket, people 65 and older who are enrolled in Medicare Parts A and
B can now apply for an Erie Insurance Medicare Supplement plan," said Louis
Colaizzo, senior vice president of life insurance at Erie Insurance. Erie
Insurance offers four different plans and five in Pennsylvania. "Reviewing
and selecting a plan can be daunting, which is why we recommend people work
with an experienced insurance agent who can help them choose the right plan for
them based on their individual needs and budget."
Generally, Medicare Supplement plans
are standardized across the industry and offer similar benefits. Certain plans
must be offered, while the carrier may choose other specific plans offerings.
"Selecting a Medicare Supplement
is a big deal and who you buy it from matters," said Colaizzo. "Erie
Insurance was founded on the principle of providing the best possible coverage
and service at the lowest possible cost, and we've carried that philosophy into
our new Medigap coverage. People should buy from a company they can trust, and
that they know will be there for them when they have questions."
Erie Insurance Medicare Supplement
plans, offered by Erie Family Life Insurance Company, based in Erie, Pa., are
available in Illinois, Indiana, Maryland, North Carolina, Ohio, Pennsylvania, Tennessee,
Virginia, and West Virginia. Not connected with or endorsed by the U.S.
government or the federal Medicare program. Erie Family Life Insurance Company
is rated A (Excellent) by A.M. Best Company. Medicare Supplement policies are
available to disabled individuals under the age of 65. This is a
solicitation of insurance; an agent (or the company) may contact you. The
policy has terms, limitations and exclusions under which the policy may be
continued in force or discontinued. For costs, complete details and licensure
information, contact an ERIE agent or visit erieinsurance.com/medicare-supplement.
About Erie Insurance
According to A.M. Best Company, Erie
Insurance Group, based in Erie, Pennsylvania, is the 9th largest homeowners
insurer and 11th largest automobile insurer in the United States based on
direct premiums written and the 16th largest property/casualty insurer in the
United States based on total lines net premium written. The Group, rated A+
(Superior) by A.M. Best Company, has more than 5 million policies in force and
operates in 12 states and the District of Columbia. Erie Insurance Group is a
FORTUNE 500 company.
News releases and more information
about Erie Insurance Group are available at www.erieinsurance.com.
1 "Medicare Beneficiaries'
Out-of-Pocket Spending for Health Care," November 2017
SOURCE Erie Insurance
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