by Cathryn Donaldson
May 5, 2017
WASHINGTON, D.C. – More seniors are choosing to enroll in Medicare Supplement Insurance plans (also known as Medigap), increasing enrollment from approximately 11 million beneficiaries to around 12 million between December 2014 and December 2015, according to a recent report from America’s Health Insurance Plans (AHIP). Medigap offers low-income seniors a vital sense of financial security, health coverage reliability, choice, and protection from unforeseen medical expenses.
Medigap is private health insurance designed to supplement Medicare, offering coverage for out-of-pocket costs that are not covered by Medicare, such as deductibles, coinsurance, and copayments. Medigap coverage allows seniors – many of whom are on fixed incomes – to budget for medical costs and avoid the confusion of complex medical bills.
“What we’re seeing in this report underscores the critical importance of Medigap plans to millions of seniors. These policies help promote access, fill gaps in coverage, and provide overall peace of mind to beneficiaries,” said Marilyn Tavenner, AHIP President and CEO.
Using data from the National Association of Insurance Commissioners, this report indicates that Medigap policies are continuing to help establish more stable, predictable health care costs for this population. Some key findings include:
The full report can be found here.