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What is Medigap Insurance?

It’s important to have a reliable insurance policy that will be there to respond to your health care necessities in any circumstance. You may be forced to deal with unexpected health issues and expenses, but the expectation to pay for them always there. When those moments come, it can be a shock to open up your pocket book and pay for the bill you thought was covered by your policy. However, when you are covered with Medigap insurance, your pocketbook won’t need to open as much.

How Medigap Insurance Works

According to the official U.S. government site for Medicare, Medigap, also known as Medicare Supplement Insurance, is a private company service that covers the cost of deductibles, co-payments, and co-insurance not originally covered by Medicare. The supplemental program may also help pay for medical costs not covered by your primary insurance plan.  Medicare may provide sufficient coverage, but the cost of co-payments and extra services that are not covered with traditional Medicare may create a bigger financial burden. As stated by the Medigap Insurance  Limitations

Medigap doesn’t cover everything. According to the official U.S. government site for Medicare, there are a few services that neither Medicare nor Medigap can cover like long-term care, vision or dental care, hearing aids, eyeglasses, or private nursing. In addition, Medigap can only cover one person which means that if you and your spouse both want Medigap, you each have to get your own plan. Finally, prescription drugs are not covered by Medigap and require a Medicare Prescription Drug Plan if you are looking for coverage in that realm.

Familiarizing yourself with the available options can lead you to reap many benefits. If you feel like Medigap is right for you or a loved one, contact Bankers Fidelity for more information on Medigap Insurance.

 

https://www.cms.gov/Medicare/Health-Plans/Medigap/index.html?redirect=/Medigap/

http://www.medicare.gov/supplement-other-insurance/medigap/whats-medigap.html

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