Medicare Supplements for insurance ‘gaps’

Also known as medigap plans, these are private health insurance plans that are offered by some of the country’s leading insurance carriers in order to cover the ‘gaps’ such as copayments, coinsurance and deductibles that Medicare does not cater to.

How it works is when the time comes to cover your medical costs, Medicare takes care of it share of approved costs while these Medicare supplements will cover its share of health care costs.

The thing about these private health insurance plans is that one can only buy a plan that has been standardized from A to L, each plan costing more and obviously, offering the individual more benefits as you move up from A to L, with A being the most basic plan of all.

The bottom line is that each plan (from A to L) offered by these insurance companies MUST offer the same benefits to each of its customers, leaving them to pick the plan that suits their budget and lifestyle the most. The only difference, however, from insurance company to insurance company is the premiums that the consumer has to pay for every month.

Another important type of insurance is the final expense life insurance that most seniors avail of, and which covers the all costs of their funeral. With the expenses of a decent funeral averaging about $ 7500 up to 50,000 dollars and above, this can be a financial burden on the loved ones left behind, so in taking this low-priced insurance, one can cover their burial expenses adequately.