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What Is Medigap?
Medigap is the government’s name for Medicare supplement insurance. Effectively, Medigap fills in the gaps in one’s basic Medicare plan coverage. Medigap insurance is sold by private insurance companies to cover medical costs that your regular Medicare plan does not cover.
How Does Medigap Work?
Insurance companies that offer Medigap policies offer standardized policies that must contain certain provisions to be compliant with Federal and State laws. There are 12 different Medigap policies for you to compare, which are labeled Medigap Plan A through Medigap Plan L alphabetically. A plan that does not have one of these names and does not have “Medicare Supplement Insurance” on the cover is not an approved Medigap plan.
Which Medigap Medicare Supplement Insurance Should I Choose?
You should look at all 12 plans to decide which one is the right one for you. Remember that each plan is standardized from company to company, so once you’ve found companies that provide all the plans you are considering, you do not need to compare them with other insurance companies’ plans. The plans vary according to the cost to the insured and the benefits provided, so you will have to weigh your options according to the amount you can afford to pay and the specific time of supplemental coverage that you need.
Who can buy Medigap Medicare Supplement Insurance Coverage?
In general, you must qualify for Medicare Parts A and B to be able to buy a Medigap policy, and you will have to pay premiums for both your Medicare Part B and your Medigap insurance. If you are married, your Medigap insurance will not cover your spouse so you will have to buy separate policies.
How Can I Learn More About Medicare Supplement Insurance?
The private insurance company through which you get your Medigap plan should be able to answer most questions you may have about the Medigap program. To get more information on Medigap or any additional information on any Medicare-related issue, such as your level of eligibility for Medicare, your plan choices and what services you can receive under Medicare, you can visit the Department of Health and Human Services’ Medicare Website.
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