When you reach the required age to qualify for Medicare, many people believe that all of their medical care will be covered under Medicare and that they will never have to pay for medical expenses out of pocket. This is simply not true. Medicare pays for a substantial portion of your medical needs. However, there is still a percentage of the medical expenses that Medicare will not pay for. That is why you need a Medicare Supplement Insurance Policy.
Medicare Supplement Insurance covers the gap of costs for medical expenses that Medicare does not pay for. In most cases, Medicare only pays 80% of incurred healthcare costs, leaving the consumer to pay the other 20%. This is where Medicare Supplement Insurance comes in. Depending upon the policy you purchase, the Medicare Supplement Insurance will cover a percentage, or in some cases all, of the 20% that Medicare does not pay for.
In some cases, Medicare Supplement Insurance will pay for services that Medicare does not pay anything towards such as medical care out of the country. Medicare Supplement Insurance is private insurance. Therefore, the insurers can determine which coverage to offer on their own terms. They do not have to follow coverage that Medicare dictates.
If you are not covered under any other health insurance plan, either privately purchased or covered through a group health insurance plan, you will probably require Medicare Supplement Insurance. The insurance is generally not very expensive and there are many good plans to choose from.