Understanding Medicare Supplement (Medigap) Plans
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What Is a Medigap Plan?
A Medicare Supplement Insurance policy, also called Medigap, is sold by private insurance companies to help fill the "gaps" in Original Medicare. These gaps include copayments, coinsurance, and deductibles.
Medigap plans are designed to work alongside Original Medicare—they do not work with Medicare Advantage plans.
What Medigap Covers
Medigap plans help pay your share of costs (like the 20% coinsurance) for services covered by Original Medicare. Some plans also cover Medicare Part A and Part B deductibles, skilled nursing facility care coinsurance, and foreign travel emergency care.
Importantly, Medigap does not cover prescription drugs—you'd need a separate Part D plan for that.
Standardized Plan Types
Medigap plans are standardized by letters (such as Plan G and Plan N). Plans with the same letter offer the same basic benefits regardless of which insurance company sells them. The main differences are price and the company's service.
When You Can Buy a Medigap Plan
The best time to buy a Medigap policy is during your Medigap Open Enrollment Period, which lasts for six months and starts the first month you're 65 and enrolled in Part B. During this period, you generally can't be denied coverage or charged more due to health conditions.
Medigap vs. Medicare Advantage
You can't have both Medigap and Medicare Advantage at the same time. Medigap works with Original Medicare and offers predictable, nationwide coverage. Medicare Advantage bundles benefits but uses networks and copays.
What This Means for You
Medigap works with Original Medicare to cover out-of-pocket costs like coinsurance and deductibles. The best time to enroll is during your six-month open enrollment period starting when you turn 65 and have Part B. A broker can help compare standardized plans and pricing.
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