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What is Medigap

by: Leandro Mueller

What is Medigap? To explain it simply, it is private health insurance, that allows Original Medicare beneficiaries to have a flexible option to pay less for out-of-pocket expenses (otherwise termed as “gaps”). Medicare Supplement plans (also known as Medigap
Policies) may pay up to 20% of expenses that an Original Medicare plan does not cover.‚Äč

 

A Medigap Supplement Plan is offered and managed by private insurers. As such, insurers in a given area must offer the same coverage. However, rates may be offered at different prices. Medigap policies come in 10 different plans (Plans A–N). Private insurers have the option of which plans to sell to the market.

 

Massachusetts, Wisconsin, and Minnesota have their own standardized Medigap plans. Please confirm coverage details with an agent if you are from these states.

 

Important Details About Medigap Policies

  • You must be an Original Medicare (Part A and Part B) policyholder to purchase a Medicare Supplement Plan. 
  • Medigap Plans E, H, I, and J are discontinued. Still, individuals who own these plans can still keep them. 
  • A Medicare Supplement Insurance Plan only offers coverage for one person. 
  • Your agent can’t cancel your policy. You need to contact your insurance company to drop coverage.