Who Needs Medigap Insurance?

Who Needs Medigap Insurance?

If you already have Original Medicare, you may wonder if you really need Medigap insurance. As you get older, your income reduces, and most seniors rely on a limited monthly income. Medical bills can quickly become costly and lead to financial debt. Read on to find out why Medigap insurance may be a good investment.

Understanding Medigap

Original Medicare covers a range of medical costs, but it also has several exclusions. Medigap insurance sold by private insurance companies aims to bridge this gap. Medigap pays for expenses not covered by Medicare that you would have to pay out-of-pocket. The cost of Original Medicare does not include premiums for Medigap plans.

Costs of Medigap

Premiums depend on the coverage provided. Higher coverage costs more, and lower premiums often involve a higher deductible. The cost of the plans differs depending on where you live and your tobacco consumption.

Benefits of Medigap

The advantage of each lettered Medigap plan regulated by law is the same irrespective of the insurer. Medicare offered by the Federal government is divided into parts A, B, and D. While these parts cover some of the costs, they do not include expenses arising from serious injuries or prolonged hospitalization. Medigap also covers some of the deductibles and copayments for routine services. Thanks to legislation, so long as you pay the premiums, your Medigap insurance can not be canceled by your insurer. As Medigap is a supplement to Medicare insurance, it is beneficial for those who have homes in more than one area or who travel frequently.


Medigap insurance also has limitations to its coverage. Medigap insurance does not cover prescription drugs. It also cannot be used along with a Medicare Advantage plan. Insurers will typically sell you a Medigap plan when you leave Medicare Advantage to ensure coverage when your Advantage plan expires.


As long as you already have Medicare Part B, you can enroll for Medigap insurance six months from the first day of the month of your 65th birthday.

So If you’re looking for additional coverage to protect you from financial debt or to change from a Medicare Advantage plan, Medigap insurance could be beneficial to you.