Before we discuss information concerning Medicare Supplemental Insurance, we should have a clear understanding of Medicare itself. Medicare is the government-provided coverage that was designed to help cover the costs for specific health care services for people who are age 65 and older. It also helps cover health care services for people with certain disabilities who are under age 65. Some of the covered services are hospitalization, doctor’s services, home health care, etc.
Somewhere along the way, it became apparent that Medicare coverage alone was leaving too many recipients paying quite a bit of money out of their own pockets for medical expenses that Medicare was not paying. The term “gap” is used to describe what Medicare doesn’t cover. This gap produced the need for Medicare Supplemental Insurance that would help pay those medical expenses. These Medicare Supplemental Insurance policies are called “Medigap” policies. There are 12 different choices of Medigap policies.
Medigap policies are only sold by private insurance companies. The government does not carry nor provide these types of policies. Each of the 12 policies has identical coverage from one insurance company to the next. The policies must specify clearly that they are Medicare Supplemental Insurance. But the cost can vary from company to company, so you will want to find the policy that fits your budget.
Before you purchase a Medigap policy, you will want to educate yourself on the various provisions of each of the 12 separate policies. You should also research the pricing for each of the plans. Information is available through each insurance company by phone or mail. Each company’s website will provide information, as well.