Medicare supplement insurance - also known as Medigap - was designed specifically to supplement the Medicare program by paying for some of the costs that Medicare doesn't cover. It is only available through private insurance companies, and is used to pay for all or part of additional costs relating to health care (excluding long term care).
In 1990, Congress passed a law requiring states to standardize Medicare supplement insurance policies, resulting in the creation of ten supplement benefit programs identified by the letters A through J. Insurance companies in each state can now offer only the standardized Medicare supplement insurance plans, to eliminate any confusion and make it easier for seniors to select the level of benefits needed.
The cost of Medicare supplement insurance depends on the carrier you choose, the area you live in, and the coverage provided for within the policy you select.
For a friendly evaluation of your Medicare supplement needs, contact the Annuities Institute through the form below.
