The last thing that you want to be stuck with in your golden years is mounting doctors’ costs. The fact of the matter is the majority of seniors are living on a fixed income. They are also more prone to illness than they used to be. You might think that your medical care covers you in the case of an emergency, but what about the extras?
What is MediCare (Medigap) supplement?
MediCare supplement, or Medigap, covers the gap in payment between what your doctor charges and what your Medical Care pays for. It takes the stress out of getting sick. Any doctor that accepts your MediCare will accept the supplementary insurance as well.
Why is it important?
There are so many hidden costs involved in going to the doctor or even ending up in hospital. These insurance policies give you peace of mind. They will not run out and can be renewed for life. There is also no lifetime cap on expenses.
What does it cover?
There are different policies to choose from, but primarily they will cover:
- Hospital cover for the days not covered by your MediCare
- Skilled nursing facility once your MediCare has stopped paying
- Most out of pocket expenses incurred
Where do you get it?
Medigap cover is available from private insurance companies. It is important to research the different types of cover before deciding which one would best suit your particular needs.
What is the cost involved?
The cost will vary depending on which Medigap plan you choose. There are ten plans available. A, B, C, D, F, G, K, L, M and N. Each of them will provide coverage tailored to your specific need. The most popular if Plan F. It will cover all shortfalls from Plan A and B.
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