What is Medi-Gap or Medicare Supplement Insurance?

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A Medicare Supplement Insurance plan is also known as a Medigap policy and helps pay some of the health care costs that Original Medicare doesn’t cover. A Medigap plan can help pay some or all of the health care costs that Original Medicare doesn’t cover, like: co-payments, coninsurance and deductibles depending on which plan you purchase. 

Medigap policies are sold by private companies. Some Medigap policies also cover services that Original Medicare doesn't cover, like medical care when you travel outside the United States borders. 

5 things to know about Medigap policies 

1. You must have Medicare Part A and Part B.
2. 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.
3. You pay the private insurance company a monthly  premium for your Medigap policy. You pay this monthly premium in addition to the monthly Part B premium that you pay to Medicare.
4. You can buy a Medigap policy from any insurance company that's licensed in your state to sell one.
5. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separ
6. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you pay the premium.
7. Some Medigap policies sold in the past cover prescription drugs. But, Medigap 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).
8. It's illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you're switching back to Original Medicare