Medicare Supplements (MediGap)
Supplements, also known as Medigaps, are supplemental policies sold by private insurance companies that helps pay some or all of the health care costs (“gaps”) that Original Medicare doesn’t cover such as deductibles, co-pays, and coinsurance to name a few. Medigap insurance companies can only sell you a “standardized” Medigap policy identified by letters A through N.
Each letter identifies the type of coverage the plan offers but premiums will vary by carrier as well as your zip code, gender and if you are a smoker. The best time to purchase a Medigap plan is within the first six months of turning 65. You will need to purchase a PDP (stand alone prescription drug plan) as supplement plans do not have prescription coverage. You must be enrolled in Medicare Part A and Part B to enroll in a Medicare Supplement.