The number of people choosing Medigap coverage is increasing, according to an annual report by America's Health Insurance Plans (AHIP). The report found that enrollment in Medigap coverage increased by 100,000 individuals, from 9.7 million in December 2010 to 9.8 million in December 2011. The report also highlights which Medigap options are most popular.
Medigap coverage provides seniors with financial security and peace of mind about their health care coverage. By filling in some of the holes that traditional Medicare does not cover, Medigap policies help budget for the predictable and unpredictable costs associated with an injury or illness. Seniors have a variety of Medigap coverage options that allows them to pick the plan that best fits their individual needs.
Key findings from the report include:
The study examined data from the National Association of Insurance Commissioners (NAIC) and from an AHIP member survey of newly purchased cost-sharing policies issued through 2011 by Medigap carriers representing about 45 percent of the national Medigap market.