What Is Medicare Supplement (Medigap) Insurance?

Medicare Supplement Insurance, also known as Medigap Insurance, provides individual medical insurance to cover the costs that traditional Medicare Parts A and B do not cover. In other words, it fills in the “gaps” to reduce your total out of pocket costs for the year.

Medicare Supplements can cover some or all of your Part A and B Copays, Part B Deductibles, and Part B Excess Charges.

For more specific information about what Medicare Supplement plans cover, please go here.

Medicare Supplements Are Not the Same as Individual Health Insurance

Regular medical insurance plans, like the ones you may get through your employer, vary widely from company to company. Copays, deductibles, specialist fees, in network, out of network… the list of variables can be staggering. And, generally, the higher the premium you pay, the better your benefits will be.

Medicare Supplements are different. They come in 10 varieties (called Plan A, B, C, D, F, G, K, L, M, or N) that are standardized from state to state. Each plan is a little different from the other, but once you decide which plan meets your needs, it’s simply a matter of finding the insurance company that will offer you the best price.

Because insurance carriers sets their own rates for each plan, it’s important to shop around to get the best value for your money. Rates vary greatly from company to company – as much as $100 per month or more – for the exact same coverage! Paying a higher premium for the same plan does not provide better coverage, it just wastes money.

For more details about the different Medicare Supplement plans, please go here. If you know which plan you want, you can request a free instant quote here.

>>>Next: Why buy a Medicare Supplement plan?