If you have a Medicare plan and are thinking about a supplement, then you already know that your plan just doesn’t cover everything that you need it to. Some items, such as hearing aids, are not covered by the standard Medicare plan. Unexpected expenses can leave you in a tight bind.
However, there are supplemental insurances that are in place for you to utilize, known as a Medigap plan.
What is Medigap, exactly?
Medigap is a Medicare supplement plan that assists in covering costs with your Medicare plan. It is called Medigap because it covers the ‘gaps’ in your plan.
Medigap plans are sold by private insurance companies that agree to abide by federal Medicare guidelines, so you’ll always have the assurance that they are regulated correctly. You cannot purchase a Medigap policy unless you are also enrolled in Medicare Part A and Part B. Medigap policies only cover one person, as well. There are no joint policies (such as for a married couple), so a married couple will need a policy for each spouse.
In addition, Medigap plans cannot be used in conjunction with Medicare Advantage.
How much does it cost?
Medigap policies are not free-of-cost, but contacting a licensed agent will assist in knowing what your Medicare plan already covers, and what benefit you can get from a Medigap plan.