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Medicare Supplement Insurances, better known as “Medigaps”, which are supposed to cover gaps left by the Original Medicare Insurances are insurance policies offered by private companies. They cover up gaps such as deductibles, co-pays, and co-insurances and other excess charges. Original Medicare Insurance is a national policy made for people aged 65 and above. Being private insurance policies, the premiums of “Medigaps” vary from company to company. Also, in some companies, the rates are relatively high in comparison to the others.

Many people do not opt for these Supplement Insurances as they cannot afford it, or feel it would be unnecessary. They only try to avail a Medicare Supplement Insurance after they have been diagnosed with some medical condition, or when a close friend or relative falls ill, and they feel its their turn next. Private Insurance companies turn out reluctant to provide insurance to people who suffer from a medical condition, and even when the do, the premiums are kept very high.

Medicare Supplements have the lowest premiums for people aged 65, and the premiums go on increasing with the increase in age, every three or five years. The best time to go for a Medicare Supplement Insurance is 6months after the availing of Original Medicare Insurance; reason one being that you are still 65, which means that you will be charged the lowest of premiums, and reason two being that during this time, health insurance companies accept you regardless of any of your pre-existing medical conditions. Once the insurance is availed, you do not have to fear that your premium would increase with the increase in age. However, at the beginning of every year, there is minor increase in the premiums due to inflation, as the Medicare Supplement Insurances set their premiums in accordance with the Original Medicare Insurance.

Also, a descent amount o research is recommended before you decide on investing on a particular company for Medicare Supplements, because independent of the premium that different companies charge for the Medigaps, the returns, in terms of health coverage remains the same with every company.