Unfortunately, Medicare was never designed to cover all of your medical costs. It was designed to assist and cover most of your medical costs, leaving a large out of pocket expense for you. Yes, as medical expenses rise these out of pocket expenses have grown over the years. Most individuals over the age of 65 have limited economic resources and cannot afford to pay thousands of dollars a year on out of pocket medical expenses. Medical Supplement insurance will assist by reducing your out of pocket expenses by covering some or all of the cost not covered by Medicare.
If you are under 65 years of age and on Medicare Disability, Medicare Supplement Insurance can assist you on reducing your out of pocket medical expenses. During the 6 month period following your eligibility of Medicare Disability, there is an open enrollment period in which you are guaranteed coverage with Medicare Supplement Insurance. This coverage will help fill the gaps between your actually medical costs and your Medicare coverage. You may also need Medicare Supplement Insurance if you are on Medicare due to end stage renal disease. In this situation a patient has permanent kidney failure and requires dialysis or kidney transplant. Medicare Supplement Insurance will assist in reducing these out of pocket medical expenses.
Now that I understand the necessity of Medigap and Why do I need Medicare Supplement Insurance is no longer a question, where do I go from here? It is important to compare Medicare Supplement Insurance policies. There are many standardized policies available, each with various coverage. It is time to consider your personal circumstances and needs and how these are covered in each policy option.