Insurance: For Your Protection

Most people go through life hoping that something unfortunate does not happen to them. Nobody plans on getting in an accident, falling ill with cancer, or suffering a heart attack. But sadly, these things do happen to people. And as hard as it is to admit, there is a chance that one of these things could happen to you. That's one reason why medical insurance is so important. No, medical insurance won't stop you from getting hurt. But it will reduce your financial burden if you do happen to become injured or ill one day. We are happy to share more about medical insurance on this blog.

Adding Additional Coverage To Your Medicare Insurance Policy With Gap Plans


Medicare insurance coverage can often leave some holes in insurance coverage that can be expensive to deal with. In response to this, many private insurance companies issue Medigap plans intended to cover the things the original plan does not.

Why Use Medigap Coverage

When you enroll in Medicare, there is a chance that some of the coverage you need is limited, and you may be looking for a way to fill in the holes or gaps. This is where Medigap plans come into play and can cover many things your plan lacks. 

Medigap plans are not traditional insurance but are considered a supplement, so you need to have a Medicare plan to add the gap coverage. In addition, these plans often cover copays, deductibles, coinsurance, and if you are planning to travel outside the US, they can cover healthcare coverage while abroad or in another country. The insurance agent working with you to set up your Medicare coverage can help you determine if you need the gap coverage and help you find one that works for your situation. 

Additional Costs

When selecting Medigap benefits to offset some of your Medicare costs, you need to look carefully at what you are buying. Private insurance companies offer gap insurance coverage, and the benefits and prices can vary wildly. If you are paying more for the additional coverage than the cost of the extra expenses, you will not benefit from the gap plan. 

Many insurance companies have coverage that mirrors other companies, so look for one that will pay out what you need it to and come in lower in cost than the additional expenses. You may have to go through the plans carefully with your insurance agent to ensure that the coverage is adequate, but most agents that work with Medicare and Medigap plans are well versed in the plans and what to look for. 

Because each client has a different situation, the coverage requirements can differ, so finding the right gap coverage can take some research. While other coverage packages can help people on Medicare, often these add ons are not the same as the gap coverage, so it is crucial to sort out the difference and get the right plan. 

Medicare part B, for instance, is not a Medigap plan, so while it offers some things that can benefit some people, it may not be what you need to supplement your existing insurance coverage. The naming convention of the plans that are out there can be confusing, so take your time and make sure to get your insurance agent involved, so you are not purchasing coverage that will not help you in any way.   

For more information about Medigap plans, contact a local insurance agent. 


28 March 2022