What you should know about Medigap
If you’re concerned about Medicare costs, a Medigap health insurance policy (also called Medigap supplemental insurance or a Medicare supplemental plan) helps pay the “gap” between what Original Medicare (Medicare Parts A and B) pays and what you pay out of your own pocket. You can get a Medicare Supplement policy through private insurance companies.
What does Medicare Supplement insurance cover?
Policies help pay for Medicare Part A & B deductibles, co-payments, and co-insurance. Some policies also include coverage for certain health services not covered by Medicare.
What are my plan options?
In most states, there are 10 standardized plan options. Plan F is the most popular option and is the only one that includes all 9 Medigap benefits.
How are plans priced?
Insurers can charge you different prices based on the type of plan you buy. Your health status may also affect your prices if you are outside of your open enrollment period.
Is Medicare Supplement insurance the same as a Medicare Advantage plan?
No. Medicare Supplement insurance policies help cover Medicare Part A & B out-of-pocket costs. Medicare Advantage Plans are an alternative way to get your Medicare coverage and, in some cases, additional benefits.
When can I buy a Medicare Supplement insurance policy?
Any time after you are enrolled in Medicare Parts A & B. You do not have to wait for Open Enrollment to buy a policy. The best time to buy is in the first 6 months after you are both 65 years old and enrolled in Medicare Parts A & B.