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Protect Yourself Against Medicare “Gaps”
Medicare helps to pay for a wide variety of health services, from flu shots to hospital stays to hospice care. But it doesn’t cover everything, including all of your out-of-pocket costs. Many services covered by Medicare require co-payments, co-insurance and deductibles. You can purchase supplemental insurance — called Medicare Supplement Insurance, or Medigap — to cover these “gaps” in Medicare. Some Medigap policies also cover certain benefits that Medicare does not, such as emergency care in a foreign country. If you have Medicare and purchase a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health services. Your Medigap policy will then pay its share. You must pay for Medigap yourself. It is sold through private insurance companies, but you can only buy it if you have traditional Medicare, not Medicare Advantage, which is managed care provided by private insurers. Read more…