Medicare Supplement Insurance

What Does Medicare Supplement Insurance Mean?

Medicare Supplement Insurance is a policy that covers medical or health expenses not covered by Medicare. However, a Medicare policy is required to obtain this insurance. While Medicare is a government program, Medicare Supplement Insurance is offered by private companies.

It is also referred to as Medigap.

Insuranceopedia Explains Medicare Supplement Insurance

Medicare is a U.S. federal government health program designed for senior citizens aged 65 and older. It offers two types of policies: Medicare Part A, which primarily covers hospitalization, and Medicare Part B, which covers medical services such as doctor’s consultations. Only individuals who have either Medicare Part A or Part B are eligible for Medicare Supplement Insurance. Since Medigap eligibility starts at the age where retirees often revisit their other coverage, many shoppers also weigh policies from the best life insurance companies for seniors before settling on a plan.

Medicare Supplement Insurance, commonly known as Medigap, typically covers expenses such as co-payments, deductibles, and healthcare services outside the U.S. Medigap doesn’t help with end-of-life expenses, which is why many retirees also look at the best no medical exam life insurance options as part of their planning.

While Medigap policies are largely standardized across states, there are exceptions in Massachusetts, Minnesota, and Wisconsin:

• Massachusetts: Does not cover foreign travel emergencies, Part B deductibles, skilled nursing facility coinsurance, or inpatient hospital deductibles.
• Minnesota: Excludes coverage for foreign travel emergencies, usual and customary fees, Part B deductibles, and inpatient hospital deductibles.
• Wisconsin: Offers optional riders to supplement Medigap policies, covering items such as 50% of Part A deductibles, foreign travel emergencies, and Part B deductibles, among others.