Medicare Supplement or otherwise known as Medigap is basically a plan that fills in the gap that Traditional Medicare (Part A and Part B) do not cover. Traditional Medicare Part A does not cover the deductible for your initial admission into the hospital, which is a $1,340 out-of-pocket cost in 2018. The co-insurance can range from $329-670 per day for extended hospital stays over 60 days and longer. In addition, Part B covers only 80% of Medicare approved claims. You are responsible for the other 20%. This can be extremely costly for rehab, knee replacement surgery, heart surgery, chemotherapy outpatient treatments, infusion treatment, and many other medical procedures ranging from $10,000-100,000 of dollars. These excessive medical bills can literally deplete retirement savings for those without a Medicare Supplement Plan.
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