Medigap is also known as Medicare Supplement insurance. Medigap helps cover gaps in your coverage that Part A and Part B of Original Medicare do not cover. You need Medicare Part A and Part B to even consider supplemental coverage. If you’re interested in getting started, our agents are here to help you sort through your options.
What Does Medigap Cover?
A Medigap policy helps cover copayments, coinsurance and deductibles not covered by an Original Medicare policy, which includes Part A and Part B coverage. If you’re looking to get started with Medigap, consider the following:
- You must have Medicare Part A and Part B.
- A Medigap policy differs from a Medicare Advantage Plan, also known as Part C. Those plans are ways to get Medicare benefits. In contrast, a Medigap policy only supplements your Original Medicare benefits.
- You pay the private insurance company a monthly premium for your Medigap policy and the monthly Part B premium that you pay to Medicare.
- A Medigap policy only covers one person. If you and your spouse want Medigap coverage, you’ll have to buy separate policies.
- You can buy a Medigap policy from any insurance company in your state that is licensed to sell.
- Any standardized Medigap policy is guaranteed renewable even if you have health problems. The insurance company can’t cancel your Medigap policy if you pay the premium.
- Some Medigap policies sold in the past cover prescription drugs. But Medigap policies sold after January 1, 2006, aren’t allowed to include prescription drug coverage. You can join a Medicare Prescription Drug Plan (Part D) if you want prescription drug coverage. You may need to make two separate premium payments if you buy Medigap and a Medicare drug plan from the same company. Contact the company to find out how to pay your premiums.
- It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan—unless you’re switching to Original Medicare.
How to Get Medigap Coverage
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