With one out of every 10 Americans carrying some kind of medical debt, you aren’t alone if you think you could use some extra help. A standard Medicare plan pays for a lot, but there are some necessary costs that it just won’t cover.
If you find yourself struggling with medical payments even though you have Medicare, supplemental Medicare insurance might be for you.
Supplemental Medicare insurance—also known as Medigap—can pay for medical costs that Medicare won’t cover. Keep reading to find out more about Medigap insurance and discover its benefits.
What Is a Medicare Supplement (Medigap) Plan?
A Medigap plan is a private health insurance plan that fills in the “gaps” in Original Medicare.
A regular Medicare plan will cover around 80% of approved medical costs. A Medigap plan can help with that remaining 20%. It’s similar to a Medicare Advantage plan but with some important differences.
Medicare Advantage typically has lower premiums and sometimes includes services like gym memberships.
However, Advantage plans won’t offer coverage for every healthcare provider who accepts Medicare. They also don’t provide coverage while traveling, and you risk having higher out-of-pocket expenses and emergency costs with one.
Meanwhile, Medigap plans offer some handy benefits that Medicare Advantage plans don’t. In this next section, we’ll discuss five ways that Medigap can benefit your standard Medicare plan. Keep in mind that benefits vary from one plan to another.
1. Get Out-of-Pocket Expenses Paid For
Medicare is great, but it doesn’t pay for everything. Even when you’re on Medicare, you’ll likely have many out-of-pocket expenses that are up to you to pay for.
These out-of-pocket costs include coinsurance, copayments, and deductibles. This can be particularly helpful if you have costly deductibles on multiple medications.
Some Medigap plans will even help pay for additional medical benefits, such