subject: Medicare Supplement Insurance - When Medicare Isn't Enough [print this page] Medicare Supplement Insurance - When Medicare Isn't Enough
But Medicare only covers the most basic needs, and many senior citizens find it inadequate to cover the costs of their healthcare. This is why many people already enrolled in Medicare decide to purchase additional Medicare supplement insurance. Also known as Medigap, it's designed to cover any gaps left in your insurance coverage by Medicare.
Medicare is administered by the Centers for Medicare and Medicaid Services (CMS). Since Medicare supplement insurance is offered through private insurance companies, rules governing the sale and offering of Medigap policies can vary from state to state. But what's offered has been standardized by CMS into ten standard offerings, labeled A through N. Depending on your healthcare concerns, you should pick a plan that covers everything you think you'll need. You may not be able to predict everything that will happen to you, but you can certainly do your best to be prepared for whatever comes.
Medicare supplement insurance coverage tends to vary, with coverage being roughly proportional with the premium being paid. Some lucky people receive a Medigap policy as part of a retirement package. Others will have to weigh their needs and their budget, compare plans and pricing, and choose a Medigap plan according to what they can afford and how much coverage they really need. The different plans combine different coverage areas, so you should explore them all to make sure to find the right policy for you that will both cover your medical insurance needs and fit within your budget.
You can try to research all of your Medicare supplement insurance options on your own or you can try to find a reputable insurance broker to help you. An experienced broker will have the training and experience to understand all of the different Medigap plans and should be able to explain them all to you in language that you can understand. They should also be able to make a recommendation to you based on your budget and your needs.
If you're over sixty-five, then it's important for you to have adequate medical coverage. Medicare and Medigap can help to make sure that you'll be taken care of if the unexpected occurs. Speak with a licensed medigap agent for a thorough medicare supplement comparison.
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