Medical supplemental insurance is an insurance policy offered by insurance service providers as a backup for Medicare. Medicare is a state sponsored Social Security program that targets those that are 65 years or over or have some form of disability. Over time, it became apparent that the government could not foot all the medical bills through Medicare and that is what gave rise to medical supplemental insurance or Medigap plans. However, is medical supplemental insurance worth it?
Main stream medical insurance policies require some very stringent requirements be satisfied before issuance of the policy. Medical supplemental insurance circumvents these requirements. Government policy makes it impossible for insurance providers to discriminate Medicare policy holders. This means that once you have your Medicare policy or have left your Medicare managed plan within the last 63 days, you have a right to medical supplemental insurance.
As mentioned, many insurance providers require some rather stringent conditions be met. One of these is the rule of exclusions. In the usual scenario, the older you are, the more the exclusions and the less you get covered for. However, medical supplemental insurance makes it worth it by ensuring all pre-existing conditions are covered as well.
With over twelve categories of streamlined policies, medical supplemental insurance provides a number of options to fit your specific situation and condition. In addition, the availability of these plans from many different insurance providers means you have a large pool of participants from which to choose. Close affiliation to Medicare provides for legislative protection of consumers, which protects from exploitation by large companies.