Medicare supplement plans or Medigap insurance is an additional medical insurance cover over and above what the traditional medical insurance offers to you. You need to pay a premium to buy this insurance plan which is sold by the private health care insurance companies. The question that arises in the minds of many is whether the supplement medical plan is actually worth spending on?

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The traditional medical plan has many gaps in it. The parts A, B and D that the original medical plan covers do not offer you substantial coverage in case you get seriously ill or injured. It does pay some of your expenses but the remaining has to be borne by you which is a huge cost. This is where the Medigap plans kicks in. Depending on the Medigap that you choose it pays a portion of the cost that the traditional medical plan does not cover.

Are the extra charges that substantial to buy a Medigap policy?

The extra charges that you may have to pay towards any medical emergency could actually be substantial without a Medigap policy. If you get admitted in a hospital and just have the traditional Medicare plan then you will have to pay towards the admission expense which is a good amount. If you happen to stay for more than 60 days then you will have to pay for each additional days stay. The longer you stay in the hospital the size of the payment that you need to make daily increases.

There are additional charges that you have to pay towards the doctor’s visit and other medical procedures. After the deductible you will have to pay a portion of the amount towards the services of the doctor. There is also no limit on how high the medical bill go if you just had the traditional Medicare insurance plan and have not supplemented it.

The original Medicare also does not pay towards the prescription drug costs and this could push you to the limit.

The Medicare supplement plans are thus not a waste of money

It does pay to buy a Medigap policy to supplement your original Medicare plan. Just make sure that you do some shopping because the price could vary with each provider. This is because these are offered by the private insurance players. The same letter plan offers the same benefits across the policy irrelevant of whom you buy it from.

Conclusion

There are coverage gaps in the original Medicare plan and without a supplement plan you could end up paying a huge amount towards your medical expenses.