Why do you need Medicare Supplement Insurance?
Medicare does not cover 100% of the health care expenses, you have to pay deductibles, copays and coinsurance and in some cases excess charges. These are called Medicare Gaps, and private insurance companies offer Medicare Supplement (Medigap) policies that pay for these benefit gaps in Medicare Part A and Part B plans. Medigap helps you pay the deductible, co-insurance, and co-pay, as well as additional charges not covered by your Medicare plan. Like Medicare, Medigap has different types of plans that offer specific sets of services, although there are basic expenses that every Medigap plan covers.
All Medigap plans Pay All or Part of the following:
Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up.
Part B coinsurance or copayment.
Blood (first 3 pints)
Part A hospice care coinsurance or copayment
All Medigap policies are governed by Federal and State laws and they must be clearly identified as ‘Medicare Supplement Insurance’. Private Insurance companies can sell the 10 standardized Medicare Supplement plans but they are not required to offer all the plans.
Insurance companies can decide which plan they want to sell but if they sell any Medicare Supplement Plan; then they Must offer Plan A and must offer either Plan C or Plan F.