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While news that the remains stubbornly above goal was greeted enthusiastically by millions of Americans when released earlier this month, it was arguably worse news for seniors and older adults. Already contending with concerns over and an  that now appears closer than expected, this age demographic already has financial issues to deal with, so higher costs thanks to inflation just complicate their finances further. 

And while Medicare can provide the financial coverage they need for their medical issues, it often doesn't cover the full expense, leaving many seniors searching for alternative financing sources. Even a small gap in coverage can add up over time, particularly if you need extended treatments, surgical procedures or more. For these seniors, finding ways to fill their Medicare insurance coverage gaps can be the difference between making ends meet or going into debt.

Fortunately, there are multiple ways to do so, some of which are only available to seniors and older adults. Below, we'll examine three worth investigating right now.

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Here are three effective ways seniors can fully cover their healthcare costs right now:

Also known as , this unique insurance type is one of the better ways to cover these costs. When you get stuck with the balance leftover from copays, deductibles and other out-of-pocket expenses, Medicare supplemental insurance can easily make up the difference. That said, it's worth weighing the current costs you're responsible for against the costs of a plan to determine which one is more cost-effective. If it's a Medicare supplemental insurance plan, then, start shopping for providers quickly, as premiums will rise here as you age and, theoretically, as health issues increase in frequency.

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are only available for homeowners 62 and older, making them a viable option for seniors in need of extra financing. And, unlike a or , repayments won't be required here as reverse mortgage companies simply pay the homeowner from their accumulated home equity funds. That will only need to be paid back in the event of the death of the homeowner, if the homeowner moves out permanently or if the home is sold. And with recently hitting another record high, there may be more than enough funding here to adequately cover both your Medicare coverage needs and anything else you need to pay for currently.

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Spending more money now to get it back later in life may not always be the best move for seniors. But if you're worried about diminishing retirement savings and are confident that Medicare won't cover you in full, purchasing an now may make sense. With an annuity, you essentially exchange a lump sum of money up front for consistent, monthly payments in the future – even after your initial principal payment has been exhausted. This not only guarantees a future income source and reliable way to cover Medicare leftover expenses, but it also offers peace of mind by knowing that there will always be a check in the mail, regardless of your economic circumstances.

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Coverage gaps left behind by traditional Medicare may be expensive and stressful for seniors, but they don't have to be. With viable options ranging from Medicare supplemental insurance to reverse mortgages to annuities, there's more than one way to cover these costs. Either individually or in combination with one another, these alternatives offer seniors a clear way to pay for these additional expenses, offering both a financial lifeline and peace of mind in their golden years.