When you turn 65 you become eligible for Medicare Supplemental Insurance that can help pay what Medicare Part A, and Medicare Part B does not. Although these “Parts” of Medicare will cover a portion of your medical bills, they most certainly do not cover all of them. The items that Medicare does not cover are called the “gaps” in Medicare. This is why Medicare sometimes calls insurance supplements a “Medigap” policy. These gaps include deductibles, co-insurance, co-pays and excess charges. These can add up very quickly and put you or your loved ones in a very difficult situation facing many thousands of dollars worth of medical bills.
Medicare Supplement Insurance has given people a peace of mind since it’s inception. This is due to the fact that it pays most (or all) of the gaps in Medicare depending on the Medicare supplement plan one chooses. For a relatively low premium, beneficiaries can enroll in Medigap Insurance at various time, including specific times where they are in what is called “guaranteed issue period”, which allows them to enroll with no medical pre-screening required. They are essentially guaranteed coverage and a policy, and that policy is guaranteed renewable. This means regardless of one’s own health claims or health status, the insurance company will neither raise their premiums based on either, nor deny them renewability of their coverage once it is in place.