Medicare Supplement Insurance, also known as Medigap, is a type of insurance policy that helps cover the gaps left by Original Medicare. While Original Medicare covers most medical expenses, it doesn’t cover everything, leaving you with some out-of-pocket costs like deductibles, copayments, and coinsurance. Medigap policies are sold by private insurance companies and can help cover some or all of these costs. Here are the top 5 frequently asked questions about Medicare Supplement Insurance:
As people age, the likelihood of requiring medical attention increases significantly. For individuals age 65 and over, healthcare expenses can become a considerable financial burden. Fortunately, there is a solution that can help alleviate the cost of healthcare for seniors – Medigap
As individuals reach the age of 65, they become eligible for Medicare, the Federal health insurance program that provides coverage for hospitalization, medical services, and prescription drugs. However, Medicare coverage is not comprehensive, and individuals may face out-of-pocket expenses such as deductibles, copays, and coinsurance. This is where Medigap (Medicare Supplement plan) comes in as a supplemental insurance plan that helps fill the gaps in Medicare coverage.
Medicare Supplement plans, also known as Medigap policies, are health insurance policies that limit the amount you’ll pay for medical services once you are on Medicare. But where do you begin?
If you’ve recently enrolled in Original Medicare, congratulations! Now is a good time to learn about the different parts of Medicare, so you can understand what your benefits include and decide if you want to sign up for additional coverage.
If you’re approaching your 65th birthday and starting to research options for Medicare, navigating through all of your new health care choices can be overwhelming.
If you’re looking for an example of a large government program that’s difficult to understand, look no further than Medicare. The Medicare website contains hundreds of pages of information—few of which are easy reading.