Medigap Medicare Supplement

Medicare Supplement insurance, also known as Medigap, is an add-on policy for individuals under Original Medicare plans. Medigap covers costs that Original Medicare doesn't, such as co-payments, coinsurance, and deductibles.

senior woman - medicare supplement

What is Medigap Insurance?

While Medicare Advantage plans replace Original Medicare, Medigap insurance complements Original Medicare. Any insurance company can sell a Medigap insurance policy to policyholders in the state they are licensed. It is illegal for an agent to sell a Medigap policy to a person on a Medicare Advantage plan unless they switch back to Original Medicare.

Medigap requires the enrolled person to carry Medicare Part A and Part B already. A Medigap policy can cover only one person. If a couple chooses to add it to their Medicare, they each need to have their own policy.

Private insurance companies sell Medigap, so the policyholder will need to pay the private company a monthly premium for their Medicare Supplement insurance policy. They pay their monthly Part B premium directly to Medicare. Likewise, any Medicare-approved healthcare costs paid through a Medigap policy are shared by the Original Medicare and Medigap policies. Each entity pays its share.

Any standardized Medigap insurance policy is guaranteed renewable even if the individual has health problems. The insurance company can’t cancel the policy as long as the policyholder pays the premium.

medicare supplement - checkup
medicare supplement

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