Whether a Medigap plan is worth it depends on a number of factors, including your individual circumstances and financial situation. Medigap plans can provide valuable additional coverage for Medicare beneficiaries, filling in gaps in the coverage provided by original Medicare. However, they can also be somewhat expensive, so it’s important to weigh the costs and benefits carefully before making a decision.

Senior deciding if Medigap is worth it.
Senior deciding if Medigap is worth it.

Can you save money with a Medigap plan?

Medigap, also known as Medicare Supplement Insurance, is designed to help cover costs not covered by original Medicare, such as copayments, coinsurance, deductibles, and travel coverage.  If you have certain medical conditions or get injured abroad, these costs can really add up.  You can spend $1000s in one year on the Part A deductible alone.  Also Medicare usually only covers  80% of procedures so you are on the hook for the remaining 20%.  If you end up with prolonged hospital stays, Medicare covers less and less and then stops paying altogether.  Many Medigap plans would cover some or all of those expenses. 

While Medigap policies can help with these out-of-pocket expenses, they do come at a cost and require a monthly premium. Whether or not you can save money with Medigap depends on your individual healthcare needs and expenses. If you regularly incur significant costs that are not covered by original Medicare, a Medigap policy may help reduce your overall out-of-pocket expenses and therefore save you money. However, if you rarely have such expenses, a Medigap policy may not be cost-effective for you.

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Is Medigap Worth Peace of Mind?

You will never know if Medigap is “worth it” financially in advance because you do not know all your future medical needs.  You purchase insurance to protect you from unknown future expenses. And with insurance comes peace of mind knowing that if something unexpected or tragic happens you will be covered.  With Medigap (except Select Plans), you know you have access to any doctor or facility that accepts Medicare (the largest network in the nation) without needing a referral to see a specialist.  You will pay little to no out-of-pocket expenses for many of your medical needs. For many people this makes Medigap worth it.  To see if Medigap plans are worth it, get a Medigap quote in less than 30 seconds.