Medigap, also known as Medicare Supplement insurance, is a type of health insurance that is designed to help fill the "gaps" in coverage left by Original Medicare (Part A and Part B). Medigap policies are offered by private insurance companies and are regulated by the government.
Original Medicare provides coverage for many healthcare services, but it does not cover all costs, such as deductibles, copayments, and coinsurance. Medigap policies help cover some or all of these out-of-pocket costs, depending on the specific plan that you choose.
There are ten standardized Medigap plans (A, B, C, D, F, G, K, L, M, and N), each with a different set of benefits. The plans are identified by letters and each plan has a specific set of standardized benefits that must be offered by insurance companies. Plan F was one of the most popular plans as it provided the most comprehensive coverage, but it is no longer available to new Medicare beneficiaries as of January 1, 2020. However, Plan G is now the most comprehensive plan, covering all the benefits of Plan F except for the Part B deductible.
It's important to note that Medigap policies only work with Original Medicare, and you cannot have both a Medigap policy and a Medicare Advantage plan at the same time. Additionally, Medigap policies do not cover prescription drugs, so you may need to enroll in a separate Medicare Part D prescription drug plan to get coverage for your medications.
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