What is Medicare Gap Insurance?

Medicare Gap Insurance

Medicare gap insurance is often referred to as Medigap or Medicare supplemental insurance. All of these terms actually mean the exact same thing. They all refer to a type of supplemental insurance for Medicare beneficiaries. Medicare gap insurance is a privatized form of supplemental insurance that is meant to covers the gaps in your basic Medicare coverage. When you have basic Medicare Part A and B it only covers 80% of your medical expenses. Medicare gap insurance is here to cover the remaining 20% of your health care expenses. Depending on which Medicare gap insurance plan you choose, it could cover all of your deductibles, copays, and excess charges.

There are 11 different Medigap plans to choose from. Each plan offers a different set of coverage and the prices vary depending on the plan. Each plan is referred to as a simple letter: A, B, C, D, F, G, M, and N. All plans require a monthly premium but the prices vary depending on which company you enroll with and which plan you choose. All plans, no matter which company you choose, are standardized by the federal government. You will receive the exact same coverage for a Plan F regardless of which company you enroll with.

You must be 65 years old and currently enrolled or pending enrollment in basic Medicare Part A and B. Once you are enrolled in or pending enrollment in Part A and B, you become eligible to apply for Medicare gap insurance. If you choose a Medicare Advantage plan you cannot enroll in supplemental insurance. Medicare Advantage plans are an alternative option to Medicare. They often appear less expensive because they do not require monthly premiums; however they can become extremely expensive if you suffer a medical emergency that it does not cover. If you enroll in basic Medicare and Medicare gap insurance you are guaranteed coverage regardless of any medical emergency you face during your coverage. Furthermore, since Medicare gap insurance is standardized you will receive the same coverage in every state, with every carrier, and you will always be accepted by any doctor that accepts basic Medicare.

Learn more about Medicare gap insurance! Call one of our agents to discover your options, talk prices, or ask questions: (800) 310-2550.

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