Medicare Supplemental
Medicare Supplements, also known as Medigap policies, are designed to bridge the financial gaps left by Medicare coverage, such as the remaining 20% of costs. Conceptually, these supplement plans offer a “set it and forget it” approach, characterized by higher monthly premiums but minimal or no out-of-pocket expenses when accessing healthcare services. Serving as secondary insurance to Original Medicare, they cover part or all of the costs that Medicare does not for approved services.
It’s essential to recognize that Medicare Supplements only supplement what Medicare covers; thus, they do not include coverage for Part D prescription drugs, routine dental, vision, hearing, etc. Consequently, individuals requiring coverage for these services must purchase separate policies in addition to their supplement plan.