The Value of a Medigap Policy

Medigap policies are supplemental insurance policies which are designed to help you financially meet your health care needs.  While an Original Medicare plan will, of course, cover much of your essential health care, there are a number of supplies and services that won’t be covered.  By purchasing a Medigap policy, you can minimize some of these gaps.

Medigap policies, run by private insurance companies but approved by Medicare, are used along side of Original Medicare.  They cover some costs like copayments, coinsurance, deductibles, and, in some cases, extra benefits.  You usually need to have Parts A and B of Original Medicare in order to be eligible to purchase a Medigap policy. You’ll need to pay a monthly premium for this supplemental insurance policy, as well as continuing to pay your Part B premium.  You should also be aware of the fact that when you purchase a Medigap policy, it won’t help to cover any of your spouse’s Medicare coverage gaps. Medigap policies only cover one person per policy. 

Before purchasing a Medigap policy, however, spend some time looking into the various ones available to you.  Insurance companies will charge different prices for their policies, and some specific Medigap policies may not be sold by all companies. 

One of the great things about purchasing Medigap coverage is that, whatever company and policy you chose, you can have peace of mind, knowing that many of the gaps in your Medicare coverage will now be covered.