Medicare Supplement Plans (Medigap)

Medigap is Medicare Supplement Insurance sold by private insurance companies to help fill “gaps” in Original Medicare coverage.

 Medicare pays for much, but not all, of the cost for covered health care services and supplies, and a Medigap policy can help pay some of the remaining health care costs, including copayments, coinsurance and deductibles. Some Medigap policies also cover services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. 

If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-Approved Amount for covered health care costs, then, your Medigap policy pays its share. For more detailed information about Medigap, please see this Guide.

Important Things to Know

  1. To have a Medigap policy, you must have Medicare Part A and Part B.
  2. A Medigap policy is different from a Medicare Advantage Plan. Medigap policies only supplement your Original Medicare benefits, while Medicare Advantage may offer additional benefits.
  3. You pay the private insurance company a monthly premium, which is 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. 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.

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There are many companies that offer Medigap plans in your area. I’ll provide a report that includes price, financial ratings, and rate increase history for the plans that interest you.
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