What is Medicare Supplement (Medigap) Insurance?
A Medicare Supplement (Medigap) insurance, sold by private insurance companies, can help pay some of the health care costs that Original Medicare doesn't cover, like co-payments, coinsurance, and deductibles. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share (80%) of the Medicare-approved amount for covered health care costs. Your Medigap policy pays its share (20%).
A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get more benefits, while a Medigap policy only supplements your Original Medicare benefits.
What you need to know about Medicare Supplement policies
You can buy a Medicare Supplement insurance policy from any insurance company that's licensed in your state to sell one. Any standardized Medicare Supplement insurance policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medicare Supplement insurance policy as long as you pay the premium.
You must have Medicare Part A and Part B. If you have a Medicare Advantage Plan, you can switch to a Medicare Supplement insurance policy, but make sure you can leave the Medicare Advantage Plan before your Medicare Supplement insurance policy begins. You pay the private insurance company a monthly premium for your Medicare Supplement insurance policy in addition to the monthly Part B premium that you pay to Medicare.
A Medicare Supplement (Medigap) insurance policy can be a valuable addition to your healthcare coverage if you're enrolled in Original Medicare. It helps cover out-of-pocket costs like copayments, coinsurance, and deductibles that Medicare alone doesn’t fully pay. Unlike Medicare Advantage Plans, which offer an alternative way to receive Medicare benefits, Medigap works alongside your existing Medicare Part A and Part B coverage to reduce your financial burden. With guaranteed renewability and availability through licensed private insurers, Medigap provides peace of mind—ensuring you won’t lose coverage due to health issues, as long as you continue paying your premium. If you're considering making the switch from a Medicare Advantage Plan, be sure to coordinate your transition carefully to avoid any gaps in coverage.
What is Medicare Supplement Insurance?
(Medigap)
A Medicare Supplement (Medigap) insurance, sold by private insurance companies, can help pay some of the health care costs that Original Medicare doesn't cover, like co-payments, coinsurance, and deductibles. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share (80%) of the Medicare-approved amount for covered health care costs. Your Medigap policy pays its share (20%).
A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get more benefits, while a Medigap policy only supplements your Original Medicare benefits.
What you need to know about Medicare Supplement policies
You must have Medicare Part A and Part B. If you have a Medicare Advantage Plan, you can switch to a Medicare Supplement insurance policy, but make sure you can leave the Medicare Advantage Plan before your Medicare Supplement insurance policy begins. You pay the private insurance company a monthly premium for your Medicare Supplement insurance policy in addition to the monthly Part B premium that you pay to Medicare.
You can buy a Medicare Supplement insurance policy from any insurance company that's licensed in your state to sell one. Any standardized Medicare Supplement insurance policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medicare Supplement insurance policy as long as you pay the premium.
If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D). It's prohibited for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you're switching back to Original Medicare.
A Medicare Supplement (Medigap) insurance policy can be a valuable addition to your healthcare coverage if you're enrolled in Original Medicare. It helps cover out-of-pocket costs like copayments, coinsurance, and deductibles that Medicare alone doesn’t fully pay. Unlike Medicare Advantage Plans, which offer an alternative way to receive Medicare benefits, Medigap works alongside your existing Medicare Part A and Part B coverage to reduce your financial burden. With guaranteed renewability and availability through licensed private insurers, Medigap provides peace of mind—ensuring you won’t lose coverage due to health issues, as long as you continue paying your premium. If you're considering making the switch from a Medicare Advantage Plan, be sure to coordinate your transition carefully to avoid any gaps in coverage.
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"WHAT YOU ACTUALLY NEED TO KNOW ABOUT MEDICARE" FREE GUIDE
We’ve created an easy-to-follow Medicare guide that gives you all the essential information you need, along with the clarity and confidence to choose the right coverage.
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We are staffed by proven insurance and investment professionals committed to providing our clients with highly personalized service.
We are staffed by proven insurance and investment professionals committed to providing our clients with highly personalized service.
Follow Us