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. Just in time for the Medicare Open Enrollment period, which runs through December 7, 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
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SOURCE Erie Insurance