Medicare Supplement also known as Medigap policies are plans offered by private insurance companies that help cover the “gaps” of Original Medicare.

This means these plans pay some of the health care costs that Original Medicare does not cover (copayments, coinsurance, and deductibles). Medicare Supplements differ from Medicare Advantage Plans by a few things.

For one, the service area is the entire US instead of a specified area. Secondly, referrals are not required for a Medigap policy; this allows you the freedom to choose a provider for your care.

Lastly, all the Medicare Supplements offer the same basic benefits, but some can offer additional benefits.

It is important to note, you cannot have both a Medicare Supplement and Medicare Advantage Plan.

Who Can Buy a Medicare Supplement?

You must have both Part A and Part B to purchase a Medicare Supplement. To qualify for a Medicare Supplement policy with no health questions asked, you must purchase the policy within a six-month open enrollment period that begins the month you turn 65 or older and enrolled in Part B.

During this time, you will not be subjected to underwriting health questions and cannot be denied coverage based on health status.

If you choose to buy a Medigap policy after your open enrollment ends, you may have to go through underwriting where you could be denied coverage or pay a higher premium.

How Much do Medicare Supplements Cost?

You will pay a monthly premium for your policy. The premiums will be different based on which insurance carrier and plan type you choose.

This is why it is important to compare different Medigap policies to determine which one best fits your needs and budget. 

Do Medicare Supplements Offer Prescription Drug Coverage?

Medicare Supplements do not offer prescription drug coverage. This means you will have to purchase a stand-alone prescription drug plan (Part D).

Can my Medicare Supplement be Cancelled?

As long as you pay your premium, your policy cannot be canceled even if you have health problems.