Works with Original Medicare
A Medicare Supplement, also called Medigap, helps supplement Original Medicare rather than replacing it.
MEDICARE SUPPLEMENTS
Medigap coverage that helps fill the gaps in Original Medicare.
A Medicare Supplement, also known as a Medigap plan, is an individual policy offered by private insurance companies to supplement Original Medicare.
These policies can help cover costs that Medicare allows but does not fully cover. Your monthly premium can depend on factors such as age, gender, tobacco use, plan type, and insurance company.
HOW IT WORKS
What is Medicare Supplement Insurance?
Medicare Supplements are designed to work with Original Medicare. The amount of coverage depends on which supplement you purchase, and rates can vary from company to company.
Helps with remaining costs
Depending on the policy, Medigap can help pay costs like copayments, coinsurance, and deductibles.
Monthly premium
You pay a private insurance company a monthly premium for the policy, in addition to your Medicare Part B premium.
Standardized benefits
Rates can vary by company, but the core benefits of each standardized plan type remain the same.
MEDIGAP BASICS
Eight things to know about Medigap policies.
- You must have Medicare Part A and Part B.
- A Medigap policy is different from a Medicare Advantage Plan. Medicare Advantage is another way to receive Medicare benefits, while Medigap supplements Original Medicare.
- You pay a private insurance company a monthly premium for your Medigap policy, in addition to the Part B premium you pay to Medicare.
- A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, each of you needs a separate policy.
- You can buy a Medigap policy from any insurance company licensed in your state to sell one.
- Any standardized Medigap policy is guaranteed renewable even if you have health problems, as long as you pay the premium.
- Medigap policies sold after January 1, 2006 are not allowed to include prescription drug coverage. For drug coverage, you can review a Medicare Part D plan.
- It is illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you are switching back to Original Medicare.
WHAT WE REVIEW
Choosing a supplement is about more than the letter plan.
The core benefits of standardized Medigap plan types remain the same, but rates and underwriting rules can vary. A licensed agent can help compare available options and explain the tradeoffs.
- Current Medicare Part A and Part B status
- Preferred monthly premium range
- Health history and underwriting considerations
- Need for separate prescription drug coverage
- Whether you are staying with Original Medicare or leaving Medicare Advantage
IMPORTANT
Medigap does not replace Medicare.
A Medigap policy supplements Original Medicare. It is different from a Medicare Advantage Plan, and it does not include prescription drug coverage in policies sold after January 1, 2006.