Medigap is a supplemental insurance. It is a policy sold by private companies to help pay the cost of your health care that is not covered by original Medicare. Such as,

  • Copayments
  • Coinsurance
  • Deductibles

Additionally, some Medigap policies offer coverage for services that Medicare doesn’t cover such as travel outside the United States. Purchasing a Medigap policy to supplement your Original Medicare will ensure the cost is covered. Medicare will pay its approved amount and whatever is left the Medigap policy will pay. Medigap is different from a Medicare Advantage Plan. A Medicare Advantage Plan offers ways to get Medicare benefits while a Medigap policy will only supplement your Original Medicare plan.

What to know about Medigap policies

In order to have a medigap plan you must have Medicare Part A or Part B. You can apply for a Medigap policy if you have a Medicare Advantage Plan, but you must leave the Advantage Plan before the Medigap policy begins. Additionally, you will have to pay the private insurance company a monthly premium as well as the premium you pay for Medicare Part B.

A Medigap policy covers one person. If both you and your spouse want to have Medigap coverage you will each have to buy a policy. A Medigap policy can be purchased from anyone in your state who is licensed to sell insurance and the policy is guaranteed to be renewable even if you have health issues, so the insurance company cannot cancel your policy as long as you continue to pay the premium.

Medigap policies won’t cover everything. They usually don’t cover long term care, dental care, hearing aids, eyeglasses or private duty nursing.