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Medigap Insurance Basics and What It Covers

A lot of people are familiar with the basics of Medicare. It is essentially a health care provision that ensures access to health care for seniors over the age of 65 and those with disabilities. However, there is also another policy known as Medigap that most people are not familiar with.

Basically, Medigap (sometimes called Medicare Supplement) insurance is a policy that covers any expenses not covered under Medicare. This is especially beneficial for people in need of medical services such as skilled nursing. Without Medigap, seniors could find themselves having to pay out-of-pocket expenses that they may not be able to afford. This may even prevent seniors from receiving the medical care they desperately need.

There are various types of Medigap insurance plans, which are categorized as A through N, and each covers a different level of medical care. All the plans, however, are designed to cover most of the costs that are not covered under Medicare, which includes co-coverage and copayments. Generally, plan F is the most popular because it covers nearly everything under the sun that is Medicare approved but not fully paid by Medicare.

In order to be eligible for Medigap Insurance, you must already be enrolled in Medicare Parts A and B. If you are interested in signing up for a Medigap plan, then you will have to enroll within six months of turning 65 or applying for Medicare Plan B in order to be enrolled on a guarantee issue basis.

It is rare for seniors to be in perfect health; this is why Medicare is needed. Medigap plans serve as a supplement to help foot the cost of any gaps that are not covered under Medicare and can be invaluable in covering necessary medical expenses for those that cannot afford to pay any additional amounts out of their own pocket.