Supplemental Insurance For Medicare

Why You Have Supplemental Insurance For Medicare
Our current health care system has Medicare as the cornerstone for health insurance coverage for individuals who are sixty-five years old and older as well as some people who have disabilities. However, the Medicare system does not pay for all of the costs associated with your medical care; there are gaps within the coverages. There are co-pays, deductibles, as well as coinsurance costs that need to be covered by the patient that can add up to a significant amount of money. This is where having supplemental insurance for Medicare will help to offset these gaps in your Medicare coverages. The gaps are between the cost of health care and the amount Medicare will cover. These supplements to your Medicare coverages are also known as Medigap.
In addition to the costs mentioned above there are other costs that may be associated with your medical care that Medicare will not pay for. There are expenses that can be associated with a hospital stay or services that Medicare will not cover. If you have to travel and find lodging, you may need counseling, help with home recovery, outpatient services, and other expenses that can add up quickly and Medicare will not cover these expenses. Supplemental insurance for Medicare will help pay for these costs and more. This may be especially true if you do not live in a major city and you have to travel for your medical care.
The key word here is supplemental. You must have Medicare to have a supplemental insurance policy. Your supplemental policy is designed to complement coverage Parts A and B of your Medicare coverage. This is where the name Medigap came from, it fills in the gaps left in your original Medicare coverage. Another note here is if you have Medicare advantage coverage you cannot have a Medigap insurance policy.
Although your supplemental insurance for Medicare is provided by private insurance companies, these supplemental coverages have been standardized. The federal agency charged with overseeing this is Centers for Medicare and Medicaid Services. In addition to any Medigap coverage you may have you can also purchase other supplemental insurance policies that will add benefits to fill in your medical coverages. The Medicare system and everything associated with it has become a complex system. It is important that you take the time to understand how everything works and fits together. When you are ill is not the time to figure out what is and is not covered. It is worth the time and effort to do the research so that you are confident you will be adequately covered when the time comes. If you need some help sorting out the different coverages call 1-800-MEDIGAP.