What is Medigap?

It’s always smart to understand popular terms insurers and providers use when talking about Medicare and any additional coverage. So, let’s start with the basics.

First, Medigap is the same insurance as Medicare Supplement insurance. The terms are interchangeable, so don’t let that confuse you when shopping for plans. Some companies prefer the term Medigap, while others market their plans as Medicare Supplements.

OK, now that we’ve gotten that out of the way, let’s explain what Medigap/Medicare Supplement insurance does. It’s designed to “fill in the gaps” where Medicare leaves off.

And those “gaps” can add up to a lot of money out of your pocket.

You see, under Medicare Parts A and B, you are responsible for 20 percent of the costs for the care you receive. Plus, there’s no maximum or lifetime cap on the amount you could be out if something catastrophic happened to you. Prescription drugs? That’s not covered either.

Getting the picture?

Enter Medigap Insurance. It picks up the costs where Medicare leaves off. How much it pays depends on the type of plan you purchase. You can choose what’s important and even add additional coverage. It’s just a matter of finding the right plan for you.