A Medigap policy is health insurance sold by private insurance companies to fill
the “gaps” in 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 Medigap policy, then Medicare
and your Medigap policy will pay both their shares of covered health care costs.
Insurance companies can only sell you a “standardized” Medigap policy. These Medigap
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 L). Medigap 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 L, 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 L are the same for any insurance company. Each insurance
company decides which Medigap 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 Medigap policy
won’t cover any health care costs for your spouse.