Medicare Supplemental Insurance (AKA Medigap) enhances Original Medicare to significantly extend hospital, skilled nursing, and travel coverage. It also can pay for Medicare deductibles and Medicare copays. Medigap is the most comprehensive coverage you can buy. Now should you buy Medigap? Check out our list first.
Medigap Pros and Cons
| Medigap Pros | Medigap Cons |
|---|---|
| Plans cover all or part of Medicare additional fees | Monthly premiums can be pricey |
| Plans are easy to compare | Difficult to switch once enrolled |
| Guaranteed 6 month enrollment period when 1st eligible | May not be able to enroll after initial enrollment period |
| All plans offer an additional 365 days in hospital | Not all plans cover hospital deductible |
| Some plans offer extras like excess charges, foreign travel, and Silver Sneakers program | Does not include drug coverage |
| Nationwide coverage | Doesn’t cover acupuncture |
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What is Medigap?
You have seen the pros and cons list but what exactly is Medigap? Medigap is additional insurance offered by private companies that you can buy to fill in the “gaps” of Original Medicare.
While Original Medicare covers much of your medical costs, it still requires you to pay many fees such as copays, coinsurance, and deductibles. These fees can add up which leads many retirees to not be able to afford them.
There are 10 different standardized Medigap plans that can help pay some or all of these costs. However, some are more popular than others. Medigap’s most popular plans simply offer better coverage at a better cost.
Some of the benefits consist on extending your Medicare benefits by an additional 365 days of hospitalization and offering coverage not available under Original Medicare such as $50,000 of Foreign Travel Emergency.
How Expensive is Medigap?
It is helpful to get an understanding of Medigap’s average cost, but your price will also depend on many different variables such as your age, zip code and which plan you select. You can get an instant quote by clicking the button below.
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Alternatives to Medigap?
Most people not comfortable with Medigap’s monthly premium consider Medicare Advantage (MA). Unlike Medigap, MA replaces your Original Medicare. It doesn’t fill in all the gaps but it is usually less expensive. You might want to check out Medigap vs Medicare Advantage, to decide which plan is right for you. To found out why people select Medigap read our newest article why select Medigap over Medicare Advantage.
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