You might have heard of Medigap insurance if you are close to the age for Medicare. But what is it exactly? And is it right for me? We’ve put together a list of five things you should know about this policy to help you make the right decision.

  • Put simply, Medigap is Medicare supplemental insurance. It is sold by private insurance companies to “fill in the gap” for what doesn’t get paid under your Original Medicare plan. Although Medicare will cover most of your costs, it doesn’t cover everything such as some copayments, coinsurance, and deductibles. That is where Medigap can be helpful.
  • For those with chronic conditions that require frequent or expensive treatments, Medigap can help save you money. As opposed to purchasing a Medicare Advantage plan to help cover copays, deductibles, and coinsurance, Medigap’s monthly premiums will be significantly lower.
  • In most cases, you don’t need a referral to see a specialist with a Medigap plan.
  • Medigap can offer you a greater selection of doctors across the country. That means any provider who accepts Medicare assignments will take your Medigap insurance, giving you greater choice and more flexibility on finding a medical provider who is right for you.
  • Lastly, a caveat! Make sure you do your research at the beginning of Medicare enrollment! During the seven-month initial enrollment period, insurers offering Medigap policies cannot deny you coverage or charge you more for any preexisting condition. After that, however, anything goes. So to be guaranteed a stable, ongoing Medigap coverage for many years to come, the time to buy is when you first enroll in Medicare.