Medigap insurance is designed to cover the gaps in Original Medicare. Medigap insurance is offered by private insurance companies and is available in a wide range of plans. They are all required to offer a set of basic benefits, but some Medigap policies are designed to offer more. Original Medicare pays for a sizable portion of the healthcare services you need, but you are responsible for paying some portion, including copays, deductibles, and coinsurance.
Medigap insurance can help pay the out-of-pocket costs, up to set policy limits. Some policies will cover a portion of the cost of treatment if you become ill while out of the country. Medigap insurance is officially called “Medicare Supplemental Insurance.”
Am I Eligible for a Medigap Plan?
To be eligible, you must have Medicare Part A and Medicare Part B and will need to pay a monthly premium for the Medigap insurance. These policies cover an individual, not a couple, so both spouses must have a policy. Suppose you currently have a Medicare Advantage Plan (Medicare Part C). In that case, you are not eligible for Medigap insurance unless you choose to change your plan to Original Medicare, which includes Medicare Part A and Part B.
Choosing the right Medicare insurance can be challenging. Every person has unique needs, and the plan you choose matters. For assistance in buying the right Medigap policy, you can speak with a local insurance agent who can explain your options, the cost, what each policy covers, whether you are eligible for Medigap insurance, or what changes could be made to become eligible.
*Disclaimer: This page has not been reviewed or endorsed by Medicare.gov or any member of the Centers for Medicare & Medicaid Services (CMS).
Health Plan Depot Recommendation on Medigap
Medicare Supplement is a supplement to the coverage offered by Original Medicare. It does not include prescription drug coverage.
Go to any doctor who takes Medicare and agrees to see you as a patient. Premiums go up every year and that goes double if you are married. Call to see if Medicare Supplement is right for you, and remember you will still need to add a prescription drug plan to go along with it. Don’t forget to review your Part D coverage every Annual Enrollment Period.
We suggest that you compare your annual premium to the maximum out of pocket on a Medicare Advantage Plan.
We represent many companies that offer Medicare Supplement. Over a long period of time, one company may raise rates more than another and you might have to answer health questions to change companies. Be careful when you choose.
