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Medicare Supplement Plans (Medigap)

Medicare Supplement Plans (Medigap)

If you’re one of the millions of Americans with Medicare coverage, you’ll want to think about Medigap. So, just what exactly is Medigap? Medigap is a supplement insurance program for those who have Medicare. Medigap is sold by private companies and can be a lifeline that assists with many of the health care expenses that Medicare does not cover. Copayments, coinsurance, and deductibles are just a few of the costs that Medigap helps cover. Medigap will also assist with the costs of medical care for policyholders who travel outside the United States. Here’s some important information to remember about Medigap.

  • In order to take advantage of Medigap, you must be currently enrolled in Medicare Part A and Part B.
  • If you have a Medicare Advantage Plan, you must be able to leave the plan before starting a Medigap policy.
  • One Medigap policy covers only one individual. Spouses of policyholders must purchase separate Medigap policies.
  • Medigap policies are available from specially licensed insurance companies throughout the United States.
  • Medigap policies are guaranteed renewable and cannot be cancelled by insurance companies – provided you pay your monthly premiums.
  • Medigap policies purchased after January 1, 2006 cannot include coverage for any prescription drugs. However, prescription drug coverage is available through a Medicare Prescription Drug Plan (Part D).
  • It is unlawful for any person or company to sell a Medigap policy to an individual who has a Medicare Medical Savings Account (MSA) Plan.
  • There are many types of insurance that should not be confused with Medigap plans, including Medicare Advantage Plans, Medicare Prescription Drug Plans, Medicaid, employer or union plans, TRICARE, veteran’s benefits, Urban Indian Health plans, and long-term care insurance policies.

For more information regarding Medigap and other supplemental insurance coverage, visit Insurance Hub’s website at www.insurancehubusa.com.

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