Medicare Supplement Plans: You’re probably wondering: What is gap health insurance? Is it something I need? Gap insurance, simply put, covers many out-of-pocket expenses that your major medical insurance does not pay for. You may think you’re covered with Medicare A and B. But when you land in the hospital, you’re still surprised when you have to cover the 100 dollar bill yourself. The answer to this problem is purchasing gap health insurance. Learn more about it in this article.
What is Gap Health Insurance?
Gap health insurance (or otherwise known as Medigap) is a Medicare supplement insurance. It fills the gap between your health insurance coverage and your own coverage. The fact is, the original medicare only guarantees certain benefits and coverage. For example, you can only get put to 90 days in the hospital during every period. What if you need more?
Gap health insurance extends your medical care options and coverage (365 days of hospital care in some cases!). The cost can vary depending on your provider and area. But on average, the insurance will cost you about $180 per month. Learn more details of Medigap at medicarewire.com.
Why Is Gap Insurance Important?
In order to fully understand why we need gap insurance, we need to talks about deductibles. A deductible is an amount you pay on your own before your health insurance plan kicks in and covers costs.
It’s been said that deductibles are rising. Employees have actually seen a 67% increase in deductibles between 2010 and 2015. That’s a hefty increase! One that many are struggling to afford
So, in response, gap insurances have appeared to help people pay for expenses that fall within the deductible gap. Anyone can get sick or have an accident, any time. We can reduce our own payments by using gap insurance.
Who Is Gap Insurance for?
Gap health insurance is especially useful for people who may find themselves in hospitals with chronic issues. But it can also be useful to other groups of people:
People in Retirement
Many think health insurance is guaranteed when you retire. But Medicare for retirees is only for those who meet certain criteria (e.g., +65 years). What happens if you retire and don’t meet said criteria? Gap insurance is an important tool for ensuring health coverage in any circumstance. This becomes especially important as you get older.
People who Travel
Medicare supplement plans can also serve as added travel insurance. More often than not, they provide coverage while you travel throughout the States. The better medicare supplement plans also provide coverage outside of the States.
The Takeaway
In this article, we answered: what is gap health insurance? And we’ve learned that the benefits of gap insurance are plenty. It’s a great option for people who are enrolled in their original health care and are looking for additional coverage.
When you have gap health insurance, you’ll have extra coverage for additional costs, hospital stays, and more. But be prepared to still pay some costs out of your own pocket. It won’t close the gap completely.
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