Medigap, also known as Medicare Supplement Insurance, is a type of insurance policy designed to help cover some of the out-of-pocket costs that are not covered by Original Medicare (Part A and Part B).
These policies are sold by private insurance companies and can help pay for things like deductibles, copayments, and coinsurance.
Medigap policies are standardized and must be labeled with a letter (A, B, C, D, F, G, K, L, M, or N). Each lettered policy offers a different set of benefits, but the benefits for a given lettered policy are the same no matter which insurance company sells it. For example, if you purchase a Plan G policy, the benefits will be the same whether you buy it from Company X or Company Y.
It's important to note that Medigap policies only work with Original Medicare (Part A and Part B) and cannot be used with Medicare Advantage plans. You also cannot have both a Medigap policy and a Medicare Advantage plan at the same time.
Medicare Supplements, aka Medigap, policies typically have a monthly premium that you pay in addition to your Medicare Part B premium. They can provide peace of mind and help you manage your healthcare costs. However, it's important to compare different policies and insurance companies to find the one that best meets your needs and budget.