Medigap is supplemental insurance that fills in the gaps of Medicare. Here are five tips to understanding Medigap.

Tip #1: Medigap Doesn’t Cover MA Plans

Medigap ONLY works with Original Medicare. It does not work with Medicare Advantage plans. It is actually illegal for someone to sell you a Medigap policy when you have Medicare Advantage.

Tip #2: Enroll in Medigap When 1st Eligible

You only have ONE guaranteed enrollment period for a Medigap policy. This 6 month period is generally when you turn 65 and first eligible for Part B. Now, you may choose to not enroll in Medicare Part B because you have qualifying employer sponsored insurance (that does not require some people to enroll in Part B when they turn 65). Once you quit your job and you enroll in Medicare Part B, you will have a guaranteed enrollment period for Medigap.

Tip #3: Medigap Doesn’t Cover Drugs

Remember Medigap only covers what Medicare covers (with the exception of some plans covering foreign emergency healthcare), therefore Medigap doesn’t cover prescription drugs. Separate Medicare Part D plans are available to enroll in to cover Rx.

Tip #4: Medigap Offers a High-Deductible Plan

The main deterrent of enrolling in a Medigap plan is the monthly premium. While there are plans that offer low monthly premiums but less coverage (i.e. Medigap Plan A), the majority of Medigap enrollees choose Medigap Plan G, because it covers everything that Medigap offers. Medigap Plan G generally has the highest premium.

Click here to see a Medigap comparison chart.

Tip #5: Choose Medigap Plan by Price

Yes, you read that right. Medigap plans are federally standardized (all lettered plans cover exactly the same thing as any lettered plan by another company), therefore you should choose your Medigap provider’s plan based on your monthly premium, as well as, determining how the plans cost increases over time.

Bonus: Can I switch plans if I change my mind?

We get it—Medigap decisions are hard. But if you’re rethinking your plan, you may have more options than you think. Still in your first six months of Medicare Part B? You’re eligible for guaranteed approval. After that, your state may offer a Birthday Rule or similar opportunity. If not, switching might require a health review—but our Instant Medigap Underwriting tool can help you figure out if you’d qualify before applying. Questions? Call us—we’ll guide you through it at no cost.

For further questions about Medigap policies call the number above or click here if you’re ready to get a Medigap quote.