Medicare Supplement Insurance (Med Supp / Medigap)
Medicare Supplement Insurance (also known as Medigap) is a type of private health insurance that is designed to supplement Original Medicare (Parts A and B). It helps cover some of the out-of-pocket costs that Original Medicare does not cover, such as copayments, coinsurance, and deductibles.
Medicare Supplement Insurance policies are offered by private insurance companies and are standardized by the federal government. This means that each insurance company must offer the same benefits for each policy type, regardless of which company you buy from. There are 10 types of Medicare Supplement Insurance policies available, each with a different set of benefits.
The benefits of each policy type are the same, regardless of which insurance company you buy it from. However, the costs for the same type of policy can vary greatly from one company to another, so it's important to shop around for the best price.
To be eligible for Medicare Supplement Insurance, you must have Medicare Part A and Part B. You also have to pay a separate monthly premium for the supplement coverage in addition to your Medicare Part B premium. It's worth noting that Medicare Supplement Insurance doesn't cover most prescription drugs, you may need to purchase a separate drug coverage known as Medicare Part D.
Medicare Supplement Insurance can help pay for many out-of-pocket expenses, but it does not include additional benefits that are not covered by Original Medicare, such as vision or dental care.
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