Medicare supplement plans are sometimes called “Medigap Policies.” These plans can help pay for health care costs like co-payments, coinsurance and deductibles, which Medicare Parts A and B don’t cover. If the cost of your medical treatment is exceptionally high, a Medicare supplement plan could be very beneficial to you. Medicare supplement plans don’t cover everything though, so it’s important to research what will be covered to help you make a more informed decision.
Medigap is Medicare supplement insurance, which can help pay for health care costs that Medicare Parts A and B don’t cover. You will usually have to have Medicare Part A and Part B to buy a Medigap policy. Medigap policies cannot be obtained with Medicare Advantage. Medicare Supplements or Medigap insurance is provided by private health insurance companies. A Medicare supplement policy must follow Federal and state laws.
Medicare applicants who are eligible for a Medigap policy must also enroll in Medicare Part A and Part B to receive the benefits of a Medicare supplement health insurance plan. Medigap policies contain an additional monthly premium on top of Medicare Part B.