What Is Medigap?
Medigap insurance helps fill the financial gaps that Original Medicare leaves behind. The plans are provided by private insurance companies that have contracted with Social Security to provide you with supplemental benefits. There are ten primary plans, each offering a different assortment of benefits.
What Costs Does Medigap Cover?
Medicare Supplement Insurance can help you afford health care services. A Medigap plan may cover your Part A and Part B coinsurance, copayments, and deductibles. Each plan is different, and some may cover additional costs as well. While some of the plans cover all or most of these costs, others provide the bare minimum of assistance.
How To Get Medigap Coverage
In order to qualify for a Medigap plan, you must have both Part A and Part B Medicare coverage. Medigap plans are different from Medicare Advantage plans, and you cannot enroll in a Medigap plan if you are enrolled in Medicare Advantage. To maintain your Medigap coverage, you must pay a monthly premium in addition to your Part A and Part B premiums. Medigap policies only cover one person. Therefore, you will need to purchase additional policies for multiple people.
Medigap plans are only available from private insurance companies that are licensed to sell Medicare Supplement Insurance. The plans that are available in your area will vary based on your location, so check with an insurance professional to learn what your options are. Medigap policies are also guaranteed renewable, regardless of your health condition. This means your benefits can’t be canceled as long as you keep up with your premium payments.