Medical Gap Insurance is extra health insurance you purchase from a private insurance company, on top of the health insurance you already have, to pay the difference in costs that your original Medicare insurance doesn’t cover. Some costs that Medicare does not cover are deductibles, co-payments, and medical care you receive if you travel out of the United States. It may be helpful to look into what is known as Medicare Supplement Insurance (Medigap) to help cover those costs. For example, if you have frequent doctor’s visits with co-payments and/or deductibles, Medigap may be a smart choice that will save you money each month.
Key Facts About Medigap Insurance
- Medigap Insurance does not replace Medicare health insurance, but is a supplement to your existing Medicare coverage.
- You must already have Medicare Part A and Part B to get Medigap coverage.
- People over the age of 65 who have Medicare Part A and B qualify for Medigap Insurance. The open enrollment period is six months after the month of your 65th birthday.
- You pay a separate monthly insurance premium for Medigap insurance, but again, if you are already paying multiple co-payments each month with your original Medicare Insurance, your Medigap premiums are probably less expensive than all those co-payments.
- Some Medigap Insurance policies offer discounts for women, non-smokers, for people that are married, for paying yearly, or for paying premiums using electronic funds transfer (i.e. paying directly from your bank account).
What are things that Medigap Insurance does not cover?
- Dental care
- Long-term nursing facility care
- Private nursing
- Vision care or eyeglasses
- Hearing aids
- Prescription drugs
In regards to prescription drugs, if you are interested in a Medicare supplemental insurance plan to help pay the cost of prescriptions, look at Medicare Part D, which is the Medicare Prescription Drug Plan.
For more information on Medigap insurance, how to get it, and other specifics, visit Medicare’s website. If you decide that Medigap insurance is right for you, look for a policy at Medicare’s policy search, a helpful tool to find a plan that fits your needs best.