Many Medicare Recipients know that Medicare cannot and does not cover everything that a person needs to take care of medically. Sometimes those things don’t add up to a lot of out of pocket expense. However; there are times that they do add up to a great deal of out of pocket expenses. What can help a person that finds themselves in that position?
There are policies available that can help with those expenses. They are called Medigap insurance or Supplemental Policies. They are necessary – especially during times that there is a major health issue that is happening in your life. They will help pay for medical bills – precisely when you are trying to find out what is happening to you and what is wrong.
Often, the tests end up being more expensive than the treatment. If you end up dealing with a serious situation such as a blood clot or just a mild stroke, the costs can be staggering. Fortunately, there are some excellent supplemental policies available.
Medigap or supplemental insurance is usually sold by private insurance companies. They were designed to fill in the gaps that original Medicare does not cover. The amount that a policy pays will be determined by the policy you buy.
Most Medigap policies are very similar, if not the same. Insurance companies have regulations regarding what their policies must include. The coverage is standard across the spectrum of companies in order to make it easier for a person to compare.
There are twelve different Medigap policies – A through L – and they each have basic coverage and extra benefits available. These policies must follow state and federal laws and regulations so that seniors who need them and have to buy them are protected from confusion and, essentially, fraud. An example of this is that a Medigap policy must be identified on the cover as Medicare Supplement Insurance.
It is extremely important that you compare rates before you purchase a Medigap policy. The rates vary by a lot in some cases. Some companies overcharge a great deal for the exact coverage that another company might sell for half or a third of the price – for the exact same coverage.
Take the time to research and ask questions about Supplemental Insurance. It may or may not be something you feel you need, but it is important that you at least become familiar with the information that is available so that you can make an informed choice.
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