Medicare supplemental insurance plans, also called Medigap policies, fill in the gaps that are left between the medical costs Medicare pays and the medical charges it does not. Anything that Medicare does not cover is left to the beneficiary to pay out of his or her own pocket.
Because many medical expenses are unexpected ones, this can pose a financial challenge to individuals over 65 who live on fixed income. Medigap insurance is an affordable, predictable product that prevents an individual from being unable to get all the health care they need, from hospital stays to surgeries.
Most coverage from Medicare is offered through Part A and Part B. Part A covers hospital stays and some hospice or nursing home care. Part B covers doctor’s visits, medical equipment and some preventative care. To ensure you are able to get all the coverage needed, it is a good idea to have an additional supplemental insurance plan to keep you from having to face unexpected medical costs.
You need to be a Medicare beneficiary to qualify for supplemental coverage. You cannot be a Medicare Advantage Plan recipient, however. There are several different types of supplemental or Medigap insurance. You want to review the details of these plans before making a purchase. You can do that easily by checking out sites like MedicareSupplementQuotes.net and getting a set of personalized Medigap quotes.
You will note Medigap policies by their designated letter. There are 10 plans available from A through N. Check with your private insurance agent to get the details on each plan. Some require deductibles be met before coverage kicks in. Some plans offer dental and vision care, but primarily Medigap policies do not include these services.
It is important to note that Medigap insurance does not cover long-term care. This is something you need to look into purchasing separately. Finally, a husband and wife need individual plans.