More Information on Medicare Supplement Insurance
8 Things YOU SHOULD Know About Medicare Supplement (Medigap) Policies:
- You must have Medicare Part A and Part B.
- 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.
- You pay a monthly premium for your Medigap policy in addition to the monthly Part B premium that you pay to Medicare.
- A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you’ll each have to buy separate policies.
- 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.
- 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.
- 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.)
- It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.