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Supplemental Insurance

In most cases, Medicare simply does not cover many of the extra necessary essentials in healthcare including deductibles, prescriptions, copays, and other expenses. These added costs can be covered with what is known as Medicare Supplemental insurance. In this guide, you’ll learn what this type of insurance is, and how it can help you meet the increasing demands of healthcare and its associated costs in today’s society.

What Is It?

Medicare covers many of the bases when it comes to healthcare coverage, but there are certain needs that are often left unmet. These are known as “gaps” or services that must usually be financed out of pocket. Supplemental (or Medigap) insurance is designed to cover these costs and potentially save the patient hundreds or even thousands of dollars on an annual basis.

Who Is It For?

Supplemental coverage is ideal for people who have needs that fall outside of what Medicare is designed to cover. For example, if you need assistance with covering deductibles, supplemental coverage can help.

Not all people are ideal candidates for supplemental coverage. In some cases, the insurance offered under a supplemental plan might be a duplicate of coverage that you already receive under another plan. It’s a good idea to fully research and examine a policy before signing off on it.

How Does It Work?

Supplemental insurance works by standing alone as its own type of insurance coverage for the leftover health care expenses that aren’t normally covered by Medicare. This type of insurance is purchased in addition to existing Medicare coverage.

Different Types

Supplemental (or Medigap) insurance comes in a number of different types of plans called A, B, C, D, F, G, K, L, M, and N. Each plan is designed to target the different types of needs experienced by each person on an individual basis.

Major Benefits

The benefits of supplemental coverage are apparent when you take into account that many commonly unpaid medical expenses are covered under these types of plans, but there are also more advantages that extend outside the obvious. Supplemental coverage provides peace of mind, ensures that your healthcare costs don’t overtake your financial situation, and prepares you for life’s unexpected twists and turns.