What Is Medigap?

Have you ever heard of the term ”Medigap?” Maybe you’ve heard it mentioned by friends, family, or even from healthcare providers.

If you’ve heard about it but aren’t quite clear on what it is, you’re in the right place! Here we’ll cover what it is, what the benefits of are, what it covers and more. And, as usual, we’ll do that in easy to understand, plain English. So, let’s dive in and explore what is Medigap!

What Is Medigap?

Medigap, or sometimes referred to as a Medicare supplement, is a private insurance. It’s role is to fill in the gaps between your benefits from Medicare and any out of pocket payments.

Basically Medigap helps you pay for the things on your hospital and medical related bills that Medicare does not cover.

Perhaps the best part of it is, once you’re are insured, you will not lose coverage due to any health issues.  

Benefits of Medigap

Medigap coverage offer a lot of benefits. Here’s a list of some of the key benefits…

  • Pays for your things that are not included in your Medicare plan
  • Pays for deductibles and copays
  • You have the option to choose your own doctor, whether the doctor accepts Medicare or not
  • You won’t be dropped due to health reasons
  • The insurance company will not raise the rates regardless of any health condition
  • Guaranteed issue rights
  • Pre-existing condition wait periods

What Does Medigap Cover?

As of the moment, Medigap offers 11 standardized insurance plans (namely, A-D, F, high-deductible F, G, and K-N). Each plan has a different combination of benefits. Some of the best gaps these insurance plans cover are the following:

  • Outpatient deductibles
  • Coinsurance and excess charges
  • Hospital deductibles
  • Skilled Nursing coinsurance
  • Copays and an extra 1 year in the hospital

When to Apply

The best time to apply for Medigap is within the same period you would apply for Medicare. That window starts in the three months prior to your 65th birthday, and continues through the three months after that. If you apply during this period, the insurance company cannot deny you coverage regardless of any health reason.