If you see or hear a reference to Medigap or Med Supp, these nicknames refer to Medicare Supplement insurance.
Private companies sell Medicare Supplement policies to fill gaps in Original Medicare coverage.
While Medicare Supplement plan details are the same regardless of the insurer, plan premiums vary by company, plan type and location.
Medicare Supplement FAQ’s
Medigap is Medicare Supplement Insurance. This is sold by private insurance companies. It helps pay some of the extra out of pocket costs that are not paid by Medicare. Some of these extra costs include co-payments, deductibles, and co-insurance.A few key...read more
If you hear someone mention Medigap (or Med Supp), these nicknames refer to Medicare Supplement policies. Private companies sell Medicare Supplement insurance; its purpose is to fill gaps in Original Medicare coverage. Medicare Supplement insurance offers...read more
The ideal time is during your Medicare Supplement Insurance Open Enrollment Period, or OEP. It starts the month you turn age 65 or older, and you are enrolled in Original Medicare Part B.Medicare Supplement policies cover individuals, not spouses or...read more
First, keep in mind Medicare does not cover any Medicare Supplement policy costs. You pay a second premium for a Medicare Supplement. Furthermore, Medicare Supplement plans do not cover long-term care or nursing home care. Nor do they offer the option of...read more
Before we begin, remember you must have Original Medicare Part A (hospital coverage) and Part B (medical coverage) to purchase Medicare Supplement insurance. Its purpose is to help you with costs not covered by Parts A and B.There are specific times you...read more
There are 10 Medicare Supplement plan types. Letters of the alphabet identify the various plans, and each plan represents a particular level of coverage.Here is something you probably did not know: cost is all that separates one company’s Medicare...read more
The 10 plans are A, B, C, D, F, L, K, G, M and N.To sell a person Medicare Supplement insurance, an insurance agent must be licensed to do so in that state.What’s more, insurance companies must offer Plan A if they want to offer any Medicare Supplement...read more
Medicare supplement insurance policies, commonly called Medigaps, are health insurance policies that offer standardized benefits to work with Original Medicare (not with Medicare Advantage). They are sold by private insurance companies. If you have a...read more
Some costs are covered by all Medigaps. These include:Part A hospital coinsurance. All Medigap policies pay for the Part A hospital daily coinsurance charge for days 61 through 90 that you spend as a hospital inpatient during a benefit period, as well as...read more
These Medigap plans were available before June 1, 2010 and are no longer sold. If you already have one of these plans, you can keep it in effect as long as you continue to pay premiums. The insurer must continue to renew the discontinued Medigap policy...read more
Medigap policies have a monthly premium. Policies with the same letter name offer the same benefits, but premiums vary from company to company. For example: Company 1 might sell Policy A for $115, while Company 2 sells Policy A for $245. Since both have...read more
If you wish to purchase a Medigap policy, you need to find out the best time to buy one in your state. In most states, insurance companies must sell you a policy at certain times and if you meet certain requirements. If you miss your window of opportunity...read more
It is important to know about protected times to buy a Medigap so you can time your enrollment wisely. Here we talk about federally protected times to purchase a Medigap. Be aware that this information only pertains to protections that apply nationwide....read more
You may run into problems if you try to buy a Medigap policy outside a protected enrollment period (see When Are the Protected Times to Buy a Medigap?). For instance, companies can refuse to sell you one or impose certain medical requirements. If a company...read more
You have the right to review a new Medigap policy for the first 30 days. You can cancel it within that time for a full refund if it does not meet your needs.After the first 30 days, you can cancel your policy at any time. However, be careful when...read more