Supplement Insurance: A Necessity
Being on the other side of 50, you would know that your own health expenditure is going up day by day
. To make matters worse the cost of the different medical costs are going up too. And if you have still not retired, then you are surely close to retirement. This means that you have very little resources to cover your health needs. That is why you need to depend up on the private health insurance plans. Medicare supplement insurance is the health insurance provided by the government has the broadest coverage for your medical needs. Yet there are a number of gaps in the Medicare insurance. These gaps are covered by the various supplement insurance plans that are available to you.The Medicare when drafted up had been a very vague policy with Part A and Part B. However over time, it was assessed where needs the Medicare failed to fulfill and what were the exact gaps in the case of private health insurance in the medical policy provided by the Government. Accordingly certain other standardized plans were drawn up called the Medicare supplement insurance, which promises to cover the various uncovered needs and gaps of the Medicare. In simple terms, it pays for what the Medicare does not. Now, note that the name is Medicare supplement insurance and not Medicare compliment insurance. It is not an additional compliment over the Medicare policy, but a supplement insurance that supplements over and after the Medicare.
These plans although are standardized, are sold by the private companies as private health insurance plans. There are a total of 12 such policies. To be eligible you need to be enrolled with the Medicare with plan A or plan B. Other eligibility criteria are that you will have to be above the age of 65 and a resident of the country for the last 5 years. For ascertaining which Medicare supplement insurance plan you want to be under, try to look and compare between the different policies that are there. Do not buy more than one policy, regardless of whoever tries to convince you in whichever way. If you do you will invariably end up paying for one service more than once. Switching policies after you have bought them is not impossible. The Medigap has become a very necessary part of the supplement insurance plan.
Supplement Insurance: A Necessity
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