8 out of 10 people reading this article would have faced at least once in their life time, shortage of insurance funds to cover their medical expenditure. To support the Medicare Insurance, add on insurances known as Medicare Supplement Insurances or Medigap insurances are available to support the main insurance by paying for costs that are not covered by them.

The federal agency known as Centers for Medicare and Medicaid services, has standardized add on plans into 10 types. These plans are offered by private insurers as insurance products. The Medicare Supplement Insurance Plans have been named as A, B, C, D, F, G, K, L, M and N. the difference between these plans differ on the type of benefits they offer under the following heads. Basic Benefits, Skilled Nursing Care, Medicare Part A deductible, Part B deductible, Part B excess charges, Foreign travel and Preventive Services. Generally, Medicare Insurances cover up to only 80 % of medical treatment, hospitalizations, medical equipment etc. The amount of cover will depend on whether you have solely part A coverage or Part B optional coverage has been chosen.

There is yet another less expensive supplement insurance option available known as Medicare Select. The drawback with regard to this policy is that you will have to consult doctors and hospitals to a limited list.

The benefits within the above plans may not vary from company to company; however, the premiums paid can vary .Usually the premiums for Medi Gap policies are set by the following methods:

Attained Age gives you the lowest premium, especially for those who are in the age gap of 65 years. Premiums would increase as you get older.

Issue age: The premium is calculated based on your age at the time of purchase and doesn’t increase as the insured gets older.

Community Rated premiums are based on the premium paid by everyone in the same geographic areas irrespective of age.

Medical Insurance Plans for elders over 70, if possible must provide full coverage, so as to the full face amount must be paid to the beneficiary in the eventuality of death of the insured. If at all, the senior outlives a whole life insurance policy, the owner of the policy should request an extension of the policy in place of a cash pay out as the amount would be taxable. Certain insurance policies would offer a terminal illness rider, which would be included upon request. This rider will allow the insured elder to use a portion of the face amount of the policy before death and for covered diagnosed terminal illnesses.

Another rider that would be beneficial to the seniors are Long term Care insurance policies which will help to meet both the medical and non medical need of people with a chronic disability who would need the care of a nurse.