Also referred to as Medigap plans, Medicare Supplement policies help pay for your share of Medicare expenses, such as your deductibles and co-insurance. Medicare supplement insurance plans are very popular with people who want little to no co-pays when they access healthcare services.
A lot of Medicare beneficiaries are shocked to find that Medicare (Government) only covers 80% of your Part B expenses. The other 20% can be a financial catastrophe to you if you happen to have a serious illness. Medicare Supplements will cover you on the 20% that the government doesn’t cover. Seniors with Medicare that gets Supplement Insurance essentially buys them peace of mind by getting coverage on the 20% exposure.
Keep in mind that during your one-time open enrollment window, you are guaranteed the right to purchase a Medicare supplement plan. Your health status does not matter when you buy a plan during this six-month window.