Do You Need Medigap Insurance?

Health insurance coverage is a necessity, especially when you reach your later years, but sometimes obtaining a comprehensive policy can be a challenging process. You want to know for sure you are covered for a wide array of conditions before any health problems crop up, not afterwards. Medigap describes plans that provide supplemental Medicare insurance coverage where your current plan may fall short. Is Medigap a coverage option you should consider?

What is the Purpose of Medigap Insurance?

Supplemental Medigap plans are designed to pay for co-pays and deductibles that may exceed the insured’s budget. Many aging adults are pleased when they reach age 65 and can finally enroll in Medicare – finally, their health insurance needs will be met for the rest of their lives. Sadly, this is not the case. Medicare only covers an approximate 64 percent of annual healthcare costs. About 90 percent of those eligible for Medicare also utilize some form of supplemental insurance to relieve the financial burden.

What Does Supplemental Insurance Cover?

Medicare falls short of the needs of many aging adults. For instance, if you plan on traveling outside of the U.S., standard Medicare plans do not cover health costs incurred in a foreign country. Medigap insurance will provide coverage for out-of-country care so seniors can travel without worries. Depending on the type of policy chosen, the plan can cover the hospital care deductible from Medicare Part A and the 20 percent of costs you are otherwise responsible for under Part B coverage.

Who’s Eligible for Medigap Insurance Coverage?

Those who are already enrolled in Medicare Part A and Part B are eligible for enrollment in a Medigap plan. If you think you may want Medigap coverage, be sure to enroll within the first six months of enrolling in Medicare Part B. Within this time frame, no policies are allowed to turn you away due to preexisting conditions. After the six month window passes, serious conditions could be cause for supplemental policies to deny you the opportunity to enroll.

How Do You Know Which Plan is Right for You?

Supplemental Medicare plans are offered by private companies – they are not run by the government. There is a vast array of plan types and coverage options so it is important to work with a trusted team with the skill to clearly lay out the advantages and drawbacks of each policy.

Ultimately, every individual has varying health insurance needs based on their medical history, their location and their budget. Talk to someone with experience in the field who can provide tailored Medigap insurance plan options for you – call My Senior Health Plan today.


Pete Blasi