What is a Medicare Supplement?

A Medicare Supplement Insurance also referred to as Medigap, is a policy designed to help pay part of the health care costs that were left uncovered by the Original Medicare, such as deductibles, co-insurance and co-payments

Unlike Original Medicare, a Medigap plan is offered via private insurance providers, and you will be required to pay the monthly Medicare Part B premium. Medigap policies must follow state and federal laws that are designed to protect you. If you currently have Original Medicare and you purchase a Medicare Supplement, here’s what happens:

  • Your Medicare pays its approved share of the amount of money for covered healthcare expenses
  • Then, the Medicare Supplement pays its part

What Is Not Covered by Medicare Supplement Plans?

Medicare Supplements don’t cover the following supplies and health services.

  • Hearing aids
  • Prescription drugs
  • Eyeglasses
  • Dental care or routine vision
  • Long-term care (care in an assisted living facility or nursing home)
  • Private-duty nursing
  • Union or employer plans, including the FEHB Program
  • Veterans’ benefits
  • Insurance policies related to long-term healthcare
  • Indian Health Services
  • Medicaid
  • TRICARE

What Do You Need to Know About Medigap Policies?

  • In order to qualify for a Medicare Supplement, you are required to have Original Medicare Part A and B.
  • In case you have a Medicare Advantage Plan, you are eligible for Medigap policy application. However, make sure to leave behind the Advantage Plan prior to staring the Medigap policy.
  • You make payments to the private company on a monthly basis for your Medicare Supplement policy. You pay this monthly premium aside from the monthly Part B premium that is paid to the Medicare.
  • A Medicare Supplement only covers a single person at one time. If you and your partner need Medicare coverage, you will each have to buy individual policies.
  • You can purchase a Medicare Supplement policy from any insurance company that has the license to sell one in your state.
  • Premium charges may differ on the basis of location and plan, even for the same benefits.
  • Generally, Medicare Supplement plans are guaranteed renewable for, provided that you continue paying your premium.
  • It is illegal for anyone to sell you a Medicare Supplement Insurance if you currently have a Medicare Medical Savings Account Plan.

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