The retired lifestyle is supposed to be one of ease and carefree living, but for some seniors, this is not their reality. Healthcare costs are constantly rising, and insurance companies pass this cost on to their customers. Medicare is no different; although the program is government run, rising health care costs translate to higher deductibles and premiums.
Retirement is a time when many people live on fixed incomes. A monthly social security check or pension check must take care of the basic living necessities for many seniors. A slight increase in expenses can totally wreak havoc on the budget of a senior citizen. Medicare is a wonderful government insurance; however, there are gaps in the coverage. Some seniors may have to come out of their pockets to pay premiums and deductibles. This expense can reduce the already small budget to make it harder to buy things like food or pay utilities and rent.
Insurance companies began to recognize the need for an insurance product that addressed the Medicare coverage gap. The result is supplemental insurance for Medicare that falls under 12 distinct plans. Each plan is designed to fill in most of the gap left by traditional Medicare coverage. Seniors pay a modest monthly premium for the supplemental insurance, and the insurance provides valuable coverage.
Supplemental plans will not cover every single thing. There will still be some gaps, but the gaps in coverage will be greatly reduced by having the Medigap plan. It is critical to choose the Supplemental Insurance plan that will work best for you. Each plan has its own merits and advantages.
For most seniors, it would simply not be possible to cover the gap left by Medicare. Many would simply have to go without the care that they need so desperately. This can result in illness and eventually death. Seniors also can experience a reduced quality of life when they are unable to afford the healthcare they need.