Medigap, also known as Medicare Supplement Insurance, is a type of health insurance policy sold by private companies to complement Original Medicare (Part A and Part B). It helps cover some of the healthcare costs that Original Medicare doesn’t cover, such as copayments, coinsurance, and deductibles.

Medigap policies are designed to work alongside your Original Medicare benefits. After Medicare pays its share of the approved amount for covered healthcare costs, your Medigap policy pays its share. This can significantly reduce your out-of-pocket expenses and provide more predictable healthcare costs.

Medigap offers several benefits, including lower out-of-pocket costs, access to any doctor or hospital that accepts Medicare, and standardized benefits across different insurers. This means you can choose a plan that fits your needs and budget without worrying about variation in coverage.

Yes, there are ten standardized Medigap plans available in most states, labeled A through N. Each plan offers a different combination of benefits, allowing you to choose one that best meets your healthcare needs and financial situation. Some plans cover additional services like foreign travel emergency care.

To be eligible for Medigap, you must be enrolled in both Medicare Part A and Part B. The best time to buy a Medigap policy is during your Medigap Open Enrollment Period, which starts the first month you are 65 or older and enrolled in Part B. During this period, you have a guaranteed right to buy any Medigap policy sold in your state, regardless of health status.

No, Medigap policies sold after January 1, 2006, do not cover prescription drugs. If you want drug coverage, you can join a Medicare Prescription Drug Plan (Part D). It’s important to compare plans and choose the one that best meets your prescription drug needs.

Choosing the right Medigap plan involves evaluating your healthcare needs and financial situation. Consider factors such as your expected healthcare usage, budget for premiums, and any specific benefits that are important to you. It’s also a good idea to compare plans from different insurers to find the best value.