Most seniors who are enrolled in Medicare Parts A and B purchase a supplemental insurance policy to help defray medical costs. Medigap is the term used for these supplemental policies that pay for services not covered under Parts A and B. Some or all of the co pays, deductibles, and excess charges are usual costs that a supplemental insurance policy covers. The Government has mandated that standards be in place to ensure that insurance companies align their premiums and coverage for easier consumer comparison of prices and services.
Three months before and after seniors turn the qualifying age of 65 for receiving Medicare benefits, interested participants may begin selecting and enrolling in a supplemental insurance plan. The Government website for Medicare is a complete source for reviewing the different supplemental insurance plans that are offered in the state of the enrolled resident. Open enrollment is offered once a year from mid November to December; at those times an existing plan may be changed.
Very few seniors decline the opportunity to purchase a Medicare supplemental insurance plan. Medicare Part A covers the hospital expenses and Part B is responsible for doctor visits. Both Medicare Part A and B do not cover 100% of the patient costs; a supplemental policy pays the gap in insurance benefits. The supplemental policy is intended to cover the policy holder without making a large out of pocket payment for hospital stays and doctor visits. Compare Medicare supplemental insurance plans through the Government Medicare website and make a decision during the open enrollment period.