Medicare Supplement News
What is a Medicare Supplement?
(Also known as a Medigap Policy)
A Medigap policy or Medicare Supplement Insurance is health insurance sold by private insurance companies to fill the “gaps” in the Original Medicare Plan coverage. Medigap policies help pay some of the health care costs that the Original Medicare Plan doesn’t cover. If you are in the Original Medicare Plan and have a Medicare insurance policy, then Medicare and your Medicare Supplement policy will pay both their shares of covered health care costs.
Insurance companies can only sell you a “standardized” Medigap policy. These Medicare Supplement policies must all have specific benefits so you can compare them easily.
You may be able to choose up to 12 different standardized Medigap policies (Medigap Plans A through N). Medicare insurance policies must follow Federal and State laws. These laws protect you. A Medigap policy must be clearly identified on the cover as “Medicare Supplement Insurance.” Each plan, A through N, has a different set of basic and extra benefits.
It’s important to compare Medigap policies because costs can vary.
The benefits in any Medigap Plan A through N are the same for any insurance company. Each insurance company decides which Medicare insurance policies it wants to sell.
Generally, when you buy a Medigap policy you must have Medicare Part A and Part B. You will have to pay the monthly Medicare Part B premium. In addition, you will have to pay a premium to the Medigap insurance company.
You and your spouse must each buy separate Medigap policies. Your Medicare insurance policy won’t cover any health care costs for your spouse.