News Resources for Seniors

Medigap insurance could help prevent financial ruin

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As reports come out that Medicare is going broke and a record number of people will start tapping into the system this year, many people are exploring options for supplemental coverage. Every day 10,000 people will reach retirement age and the country's Social Security system doesn't appear to be equipped to deal with it.

Medigap insurance, which is commonly referred to as Medicare supplement insurance, literally fills in the gaps in coverage that Medicare does not pay for, according to the Centers for Medicare and Medicaid Services.These plans will help pay for coinsurance, copayments and deductibles.

There are 12 different types of these privately sold plans, ranging in coverage and price. However, they do not vary from company to company. The specifics of the plans are set by the federal government and are streamlined for everyone, CNNMoney reports.

These plans can also help people that are unable to afford annuities and other long-term financial investments, because they will serve to supplement the added cost of medical bills as people age. However, it is important to note that these plans will not cover costs incurred under other types of health coverage, such as Medicaid or Veterans Administration benefits, the center reports. 

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