Medicare has been a big help for Americans age 65 and over. Yet as good as Medicare is, it was never invented to cover all your medical expenses. That’s where Medicare Supplement (Medigap) insurance can help. These plans are specifically designed to help with the deductibles and co-payments that may or may not be covered by Medicare and can help reduce your out-of-pocket expenses.

There are a variety of Medicare Supplement plans available in most states, each offering a different level of coverage. Because Medicare Supplement benefits are regulated by the states and/or the Federal government, it can be easier to select the plan that fits your needs.

Make sure you don't confuse Medicare Supplement insurance with Medicare Advantage plans. A Medicare Advantage plan is another form of Medicare that is handled through a private health plan to provide extra benefits. However, you must be enrolled in both Medicare Part A and B to be eligible for coverage and there can be an additional premium you must pay. Medicare Advantage plans also do not allow you to buy supplemental insurance to help with your out-of-pocket expenses.