What is Medicare Supplement (Medigap) Insurance?
Medicare covers a lot — but not everything. Original Medicare leaves gaps: copayments, coinsurance, and deductibles that can add up quickly, especially with a serious illness or hospital stay. That's where Medicare Supplement insurance, also called Medigap, comes in.
As an independent broker licensed in New Hampshire, Maine, Pennsylvania, North Carolina, Ohio, and Texas, I work with multiple insurance carriers to compare Medigap plans side by side — so you get the coverage you need at the best available price. Unlike captive agents who represent a single company, I work for you.
What you need to know about Medicare Supplement policies
- You must have Medicare Part A and Part B.
- If you have a Medicare Advantage Plan, you can switch to a Medicare Supplement insurance policy during certain enrollment periods or if you meet certain criteria (underwriting may apply), but make sure you can leave the Medicare Advantage Plan before your Medicare Supplement insurance policy begins.
- You pay the private insurance company a monthly premium for your Medicare Supplement insurance policy in addition to the monthly Part B premium that you pay to Medicare.
- A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.
- You can buy a Medicare Supplement insurance policy from any insurance company that's licensed in your state to sell one.
- Any standardized Medicare Supplement insurance policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medicare Supplement insurance policy as long as you pay the premium.
- Medicare Supplement insurance policies sold after January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
- It's illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you're switching back to Original Medicare.
Information obtained from www.medicare.gov
Ready to compare Medigap plans in your state? Call me at (603) 494-6535 or request a free, no-obligation quote. I'll walk you through your options and help you decide what's right for your health needs and budget.