More Information on Medicare Supplement Insurance

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8 Things YOU SHOULD Know About Medicare Supplement (Medigap) Policies:

  1. You must have Medicare Part A and Part B.
  2. If you have a Medicare Advantage Plan, you can apply for a Medigap policy, but make sure you can leave the Medicare Advantage Plan before your Medigap policy begins.
  3. You pay a monthly premium for your Medigap policy in addition to the monthly Part B premium that you pay to Medicare.
  4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you’ll each have to buy separate policies.
  5. You can buy a Medigap policy from any insurance company that’s licensed in your state to sell one. As a neutral party, we provide information on multiple Medicare Supplement carriers so you can choose the right plan for your family’s needs.
  6. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means your Medigap policy cannot be cancelled as long as you pay the premium.
  7. Medigap policies aren’t allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D). (Enrollment periods may apply.)
  8. It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.

Source: medicare.gov

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