Medicare Supplement Plans (Medigap)

Original Medicare (Parts A and B) provides essential health coverage, but it doesn’t cover all healthcare costs. Medicare Supplement Insurance, commonly known as Medigap, is private insurance designed to help pay for some of the out-of-pocket costs that Original Medicare doesn’t cover. These can include deductibles, copayments, and coinsurance for Medicare-covered services.

Medigap policies are standardized by federal and state laws, meaning the benefits for each lettered plan (e.g., Plan G, Plan N) are the same regardless of the insurance company selling it. However, premiums can vary between companies. These plans generally don’t cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing.

Medigap plans are suitable for individuals enrolled in Original Medicare (Parts A and B) who want more predictable healthcare costs and protection against significant out-of-pocket expenses. If you anticipate needing frequent medical services or want peace of mind knowing that most of your Medicare-approved costs will be covered, a Medigap plan might be a good choice.

The best time to enroll in a Medigap policy is during your 6-month Medigap Open Enrollment Period, which starts the month you turn 65 and are enrolled in Medicare Part B. During this period, insurance companies cannot deny you coverage or charge you more due to pre-existing health conditions.