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 Basics: Things You Need to Know
Heading into retirement brings a slew of new topics to grapple with, and one of the most maddening may be Medicare. Figuring out when to enroll in Medicare and which parts to enroll in can be daunting even for the savviest retirees. To help you wade into the waters of this complicated federal health insurance program for retirement-age Americans, here are 11 essential things you must know about Medicare.