Medigap Insurance

While Medicare is often a big help to senior adults, it doesn't cover everything. Medigap, or Medicare Supplement Insurance, is a type of private health insurance that helps pay for some of the out-of-pocket costs that Original Medicare (Parts A and B) doesn't cover. The "gaps" in Original Medicare may include deductibles, coinsurance, and copayments, which beneficiaries are responsible for. Additionally, Medigap policies can help with Medicare Part A coinsurance and hospital costs, Medicare Part B coinsurance and copayments, Medicare deductibles, skilled nursing facility coinsurance, and foreign travel emergency costs. Check with your plan or insurance company for the full break-down and coverages.

You can purchase Medigap insurance through a private insurance company. In most states, these plans are standardized, meaning that plans with the same letter (such as Plan G or Plan N) offer the same basic benefits, regardless of the insurance company. Medigap policies work in conjunction with Original Medicare; they do not replace it. If you have a Medicare Advantage Plan (Part C), you generally cannot purchase a Medigap policy.

Medigap policies generally don't cover prescription drugs (that's covered by Medicare Part D), vision, dental, or hearing care, or long-term care. To purchase a Medigap policy, you must be enrolled in Original Medicare (Parts A and B). 

You must be enrolled in Original Medicare to purchase a Medigap policy. The best time to buy a policy is during the Open Enrollment Period, which begins when you turn 65 and enroll in Medicare Part B. During this six-month period, insurance companies cannot deny you coverage or charge you more due to preexisting conditions. Premiums vary depending on the plan, your age, location, and the insurance company, so it's important to research the differences between the plans. We recommend consulting with an insurance professional or someone well-versed in Medicare coverages to ensure you find a policy that meets your specific needs.