Supplement Insurance Coverage
Chances are one day you will need help paying your medical expenses. Supplemental insurance is sometimes called Medigap or Medicare Supplemental, and it helps pay expenses that traditional Medicare does not pay. This coverage can pay for medical treatment provided outside of the country, deductibles, coinsurance, and copayment.
Plans and Benefits
Medigap insurance is sold by insurance companies, but regulated by the Federal government. This means most of the plans provide the same benefits. The states Wisconsin, Minnesota, and Massachusetts are an exception. Also, the plans are known by alphabetical letters such as Plan A, B, C D, F, G K, L, M, and N.
Anyone older than 65 years old is eligible for supplemental insurance. You might also be eligible if you have a disability or end-stage renal disease. However, you must have Medicare Part A and Part B to qualify for the coverage. You cannot add a spouse or child to this type of policy, so they will need separate coverage. Anyone who applies within six months of acquiring Medicare Part B or turning 65 years old has a guaranteed renewal. That means the insurer cannot deny coverage due to an underlying medical problem.
Supplemental insurance does not replace the traditional Medicare, but works with it. It is a way to save extra money on your medical expenses.