Which type of health insurance is specifically designed for the elderly to supplement Medicare benefits?

Medigap insurance is specifically designed to supplement Medicare benefits for the elderly. Medicare, which primarily serves individuals over the age of 65, covers many healthcare costs but does not cover everything. Medigap policies bridge the gap by helping to pay for certain out-of-pocket costs that are not fully covered by Medicare, such as copayments, coinsurance, and deductibles.

These policies are purchased from private insurance companies, and they can be particularly beneficial for seniors who have significant medical expenses not covered by Medicare. By providing additional financial support, Medigap insurance helps ensure that elderly individuals can access the care they may need without facing prohibitive costs.

Other options do not specifically cater to supplementing Medicare in the same way. Medicare Advantage plans, for example, are alternative plans that provide coverage through private insurers and often include additional services, but they do not function as a supplement to the original Medicare. Short-term insurance is designed for temporary coverage, and critical illness insurance offers financial support upon diagnosis of specific serious illnesses, but neither addresses the ongoing needs of those relying on Medicare.