Medicare supplement insurance, also commonly referred to as Medigap, is a type of insurance that’s sold specifically by private companies. These insurance policies help to pay for some of the costs that aren’t covered by standard Medicare policies.
For instance, a Medicare policy might cover the costs of an entire doctor visit, save for the deductible. A Medigap policy would possibly pay for the deductible that wasn’t covered by your Medicare policy. Some of the primary coverage types that can be provided by a Medicare supplement plan include:
- Hospital costs in the event that you run out of days covered by Medicare
- Skilled nursing facility costs when you run out of Medicare-covered days
- Most additional out-of-pocket expenses
All that’s required of you when selecting one of these policies is to pay the monthly premium for this Medicare supplement plan. You must also have a Medicare Part A and Part B plan. Each plan will differ slightly, so weigh your options before choosing the one you believe is right for your needs.
This post Why Every Senior Should Have a Medicare Supplement Plan was first found on Healthable