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Med Sup Plans - Medicare Supplemental Insurance - Medigap Insurance
Med Sup Insurance is also called Medicare Supplement Insurance or Medigap Insurance Plans. Med Supp Plan F is among the most popular of all Med Sup Plans. Med Sup Plans are designed to cover the costs that are not fully paid for by original Medicare. For example, Medicare only covers 80% of Medical expenses (Medicare Part B). This means that you are required to pay the remaining 20% of costs on your own--out-of-pocket.
With a Med Supp Insurance Plan, you can have coverage for that 20%, as well as many other additional benefits and coverage for what Medicare does not pay for. Another thing that Medicare does not fully cover is hospital care. There is a deductible for hospitalizations with Medicare Part A that are quite high. In 2012 the Medicare hospital deductible was $1,156 per benefit period. A benefit period begins when you first receive care in a hospital facility, and ends after you have been out of the hospital and any other skilled facility for 60 days in a row. This means that it is mathematically possible to have 5 hospital benefit periods in one year. Five benefit periods would cost you approximately $5,780 in 2012 (assuming no other bills were charged which would not likely be the case).
Purchasing Medicare Supp Insurance will help you to protect yourself in the case of a serious health problem, as well as give you the peace of mind to know that your healthcare costs will be covered in the future. Many senior citizens unfortunately do not plan properly and are stuck with thousands of out-of-pocket expenses they have to pay--which could have been covered if they had purchased a Medicare Supplemental Insurance Plan (Med Sup Plan).
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