Medicare also has something called excess charges which allow a doctor to charge up to 15% over Medicare’s rates. What is Medicare Supplement Insurance? This insurance is private coverage that picks up those gaps in coverage left by Medicare and is therefore often called “Medigap” or “Gap insurance”. So, these plans can cover all, or some, of the deductible, coinsurance, and excess charge gaps in regular Medicare.
Why should I buy Medicare supplement insurance? Although it’s not necessary to buy this type of insurance, it can be a very valuable policy in helping protect your assets and also lends a significant amount of “peace of mind” that you won’t be hit with major medical bills. It has been noted that about half of all bankruptcy is related to a person’s inability to pay for medical services received.
Medicare supplement insurance can help you avoid that situation. Who should I buy Medicare supplement insurance from? The great thing about Medicare Supplement Insurance is that they are standardized. So, once you identify which plan is best for you-you can shop the market to see who can offer the best rates.