If you are enrolled in Medicare Part A and B, Medigap plans can help fill the coverage gaps in Original Medicare. Medigap plans are sold by private insurance companies and are designed to assist you with out-of-pocket costs (e.g., deductibles, copays, and coinsurance) not covered by Original Medicare. These plans are available in all 50 states of the United States and can vary in premiums and eligibility. Although Medigap plans are standardized, few plans may not be available in your area.
- Premium - All Medigap plans require that you continue to pay your Part B premium and a separate premium for Medigap coverage. The standard Part B premium for 2019 was $135.50 a month.
- Deductible - Some plans have deductibles.
- Copays - A copayment may apply to specific services.
- Coinsurance - The percentage of coinsurance varies depending on the plan.
Limitations and Salient Features
Limitations: Usually Medigap coverage has no limitations and is available anywhere that Medicare is accepted.
- Few Medigap plans cover foreign travel emergency services
- Once you are enrolled in a plan, it renews every year as long as you pay your premium and the plan is available.
After you are enrolled in Medicare Part A and Part B, you can select a Medigap (Medicare Supplement) plan from approved private insurance companies. The best time to buy a Medigap policy is the six-month period that starts the first day of the month that you turn 65 or older and enrolled in Part B. After this period, your ability to buy a Medigap policy may be limited and it may be more costly.