Sky Insurance

Medigap plans are supplemental insurance plans that go with Medicare. They fill in the "gaps" in what is termed "original" Medicare, which includes Medicare Part A and Part B. These plans are optional - you do not have to have a Medigap plan if you are on Medicare. However, it is essential that you do, and we have outlined the three primary reasons below.

1. First and foremost, Medigap insurance eliminates "catastrophic" medical loss or "risk" associated with having only Medicare A & B.

Medicare Supplements are a way of capping your exposure to health care costs. Parts A & B, in their current format, do not have any maximum out of pocket amount etc. If you only have "original" Medicare, you pay 20% of whatever your health expenses are, plus the Medicare deductibles. By having a Medigap plan, though, you know for certain that you will not be exposed to the exorbitant and rising costs of health care. These plans cover that 20% and eliminate your exposure to those unlimited costs.

2. Second, Medigap plans give you a budgeted per-month amount for medical expenses.

These plans are the best way to add health care to your budget. By having a supplement plan in force, you know that your out of pocket costs for health care for the month are a set amount. If you have one of the more comprehensive plans, like Plan C or F, you know that your total health-care bill (doctor/hospital) for the month will be the amount of your monthly premium - and no more.

3. Lastly, Medigap plans can be used anywhere that takes Medicare - there are no restrictions or networks to stay within.

This is one of the most rewarding features of Medigap plans. Whereas other types of coverage, such as Medicare Advantage plans, require you to stay within a certain network for maximum coverage, supplements do not have that requirement. On the contrary you can go to any doctor or hospital that takes Medicare.