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What Is Medicare Supplement (Medigap) Insurance?

Medicare Supplement insurance is private health insurance that helps pay for health expenses (copayments, coinsurance, and deductibles) that Original Medicare doesn’t cover. It fills the gaps in Medicare coverage and saves patients from potentially high bills and excess charges.

Why Should I Get Medicare Supplement Insurance?

While Medicare provides good protection for basic health care costs, it does not cover 100% of your medical expenses. After you meet your Part B deductible ($198 in 2020), Medicare will pay for 80% of Medicare-approved health care expenses. As the patient, you will be responsible for paying the remaining 20%, which is where having a Medigap policy can help. A Medigap policy supplements the gap in coverage left by Medicare and protects you against the risk of potentially high medical bills.

Standardized Medigap Plans Help You Easily Compare Benefits & Shop Plans

There are 10 standardized Medigap plans to choose from, and they are identified by letters A through N. They are Plans A, B, C, D, F, G, K, L, M, and N. These plans are sold by many different insurance companies.

All plans that start with the same letter offer the SAME benefits, regardless of the insurance company that sells it. One of the key things to remember when shopping for a Medigap plan is that the only difference between Medigap policies with the same letter sold by different insurance companies is the COST. For example, Plan F from one company has the same benefits as Plan F from another company; the only difference between the two plans is the cost.

When Is the Best Time to Buy a Medigap Plan?

Medigap plans are available to people who already have Medicare. You can apply for a Medigap plan up to 6 months before your 65th birthday and are enrolled in Medicare Part B. Many people choose to sign up for a Medigap plan before they turn 65 so they can avoid a gap in coverage.

Nothing on this website should ever be used as a substitute for professional medical advice. You should always consult with your medical provider regarding diagnosis or treatment for a health condition, including decisions about the correct medication for your condition, as well as prior to undertaking any specific exercise or dietary routine.

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