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What is Medicare Supplement (Medigap) insurance?

A Medicare Supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles.

If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Your Medigap policy pays its share.

A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.

What you need to know about Medicare Supplement policies
1. You must have Medicare Part A and Part B.
2. If you have a Medicare Advantage Plan, you can apply for a Medicare Supplment insurance policy, but make sure you can leave the Medicare Advantage Plan before your Medicare Supplement insurance policy begins.
3. You pay the private insurance company a monthly premium for your Medicare Supplment insurance policy in addition to the monthly Part B premium that you pay to Medicare.
4. You can buy a Medicare Supplment insurance policy from any insurance company that's licensed in your state to sell one.
5. Any standardized Medicare Supplment insurance policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medicare Supplment insurance policy as long as you pay the premium.
6. Medicare Supplment insurance policies sold after January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
7. It's illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.

We know you still have questions so contact us or give us a call at 1.877.643.1260 to discuss your options.

Information obtained from www.medicare.gov

By contacting the phone number on this website you will be directed to a licensed agent.