Retirement should be a carefree time during the life of a senior citizen. Unfortunately, this is not always the case. Millions of seniors are struggling to make ends meet and pay for health care costs. In January 2006, the U.S. Congress passed a prescription drug coverage plan that has reduced some of the anxiety for seniors. This law implemented Medicare Part D prescription drug coverage; however, there is still a substantial gap left in the health insurance coverage for seniors. Some companies recognized the need for a solution; thus, these companies have created Medicare supplement plans for seniors.
The U.S. government regulates the benefits of the Medicare Supplement Insurance Companies. These companies must follow the guidelines set out by the government. First, the person must have Medicare Part A and Part B to qualify for the Medicare Supplement Plan. Another name for the plan is Medigap Insurance. This is because the plan is supposed to fill in the gap left by the original Medicare insurance plan.
The process of choosing a Medicare supplement plan can be confusing for seniors. There is a total of 12 plans that are offered currently. Seniors must be sure and get a thorough understanding of what each plan offers. Each is different and has its own benefits.
It is important to know that the Medigap plan will not pay for every single illness or medication. There will be some limitations on this plan. Thus, it is important to examine each plan thoroughly to choose the best one for you. One plan may be better suited for your needs than another one. This can make a huge difference in the medical care that you are eligible to receive.
In conclusion, seniors must be vigilant about fraud. Unfortunately, some unscrupulous people are out to take advantage of senior citizens. Thus, it is important to make sure you are purchasing insurance from a reputable source.