Medigap Explained

You know about Medicare. Now learn about Medigap.

Medigap is Medicare Supplement Insurance.

According to Medicare.gov, Medigap is Medicare Supplemental Insurance that helps fill “gaps” in Original Medicare. It is sold by Private Companies, not by the government.  Medicare alone pays for many things but not all things. A Medigap policy can help pay some of your remaining and unanticipated healthcare costs Medicare may not cover such as Copayments, Coinsurance, and Deductibles.

Please Note: We are not licensed or able to advise you on Medicare and Medigap insurance providers or claim strategies.  It is our hope that the content on this page provides you with basic information and direction.  We suggest you reach out to your local Geriatric Care Manager, CPA, or Financial Advisor for specific advice to your specific situation armed in hand with the basic direction provided on this page.  You can find similar information on Medicare.gov’s website page specific to Medigap.  We share on this page some of the highlights noted on the Medicare.gov website

Important things to know about Medigap policies as highlighted by Medicare.gov

  1. To be able to have a Medigap policy you must have Medicare Part A and Part B.
  2.  A Medigap policy is not the same as a Medicare Advantage Plan.  A Medigap policy supplements coverage that is not provided by your Medicare plan.  Medicare Advantage is a way for you to obtain Medicare benefits.
  3.  You pay your Medigap premiums to your private insurance company providing the plan. That is in addition to, your Medicare monthly premium you pay to your Medicare insurer.
  4.  Many people do not know Medigap policies just cover one person. If you are married or with a life partner, you will have to have separate Medigap policies.
  5.  Be sure to confirm that the insurer selling you the Medigap policy is licensed in your state to offer it.
  6.  Medigap policies sold after January 1, 2006, are not allowed to include prescription drug coverage. For prescription drug coverage, you may want to consider a Medicare Part D plan.
  7. It is illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan. Unless you are switching back to the original Medicare.
  8. The best time to buy a Medigap policy is during your 6-month Medigap Open Enrollment Period. This period starts automatically the month you are 65 and enrolled in Medicare Part B.

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