Medicare in the United States has been undergoing some changes lately, and there are some senior citizens who are fully aware of the fact that based on their situation, the need of reviewing several Medigap plans will further their cause of staying in good health.
But what does this term ‘Medigap’ mean?
What it simply means is that Medicare as a health insurance program cannot support all of their needs especially coinsurance and other deductibles which could in turn mean that one would have cover these costs from their own pockets, and depending on the type of healthcare you need, this can really expensive.
This is why the plans of Medicare supplemental insurance come into play as they cover the ‘gaps’ that Medicare cannot take care of for a small price, also known as a premium in insurance mumbo-jumbo. Since the government has created these standardized plans from Plan A to L, most insurance carriers offer the same benefits, with the premiums being the only difference in this case.
Another important form of insurance for senior citizens is burial insurance that covers their burial costs when their time comes to go, while not burdening their families to cover a funeral’s cost which can be anywhere from $10000 to $100000.
With these forms of insurance available, one can ‘insure’ themselves from a time when what you spend is far more than what you earn.