What is Medicare Supplement Insurance (Medigap)?

Medicare supplements, also known as Medigap plans are individual policies that are offered by various insurance companies. Medicare Supplements are plans that help cover what Medicare allows but does not fully cover. The amount of coverage you get depends on which supplement you purchase. Typically the higher the premium, the more coverage you get. Rates for each plan type can vary from company to company however the core benefits of each remain the same. A Medicare Supplement Insurance (Medigap) policy can help pay some of the remaining health care costs, like:

  • Copayments

  • Coinsurance

  • Deductibles

  • Medicare will pay its share of the Medicare-approved amount for                                          covered health care costs.

  • Then, your Medigap policy pays its share.

8 things to know about Medigap policies 

  1. You must have Medicare Part A and Part B.

  2. A Medigap policy is different from a Medicare Advantage Plan.  Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.

  3. You pay the private insurance company a monthly premium for your Medigap policy. You pay this monthly premium in addition to the monthly Part B premium that you pay to Medicare.

  4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.

  5. You can buy a Medigap policy from any insurance company that's licensed in your state to sell one.

  6. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you pay the premium.

  7. Some Medigap policies sold in the past cover prescription drugs. But, Medigap policies sold after January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription      drug coverage, you can join a Medicare                                      Prescription Drug Plan (Part D).

  8. It's illegal for anyone to sell you a                                               Medigap policy if you have a                                                     Medicare Advantage Plan,                                                             unless you're switching                                                                         back to Original Medicare.

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