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Medigap Insurance What is Medigap Insurance? Medigap insurance is health insurance available to seniors that will supplement their Medicare policies. Its main purpose is to fill-in the gaps that Medicare leaves. Medigap policies are very flexible. They can be tailored to meet individual needs. Depending on your needs, medigap insurance can be written to cover deductibles, prescriptions, and long term hospital care. If you purchase medigap insurance, your insurance provider will send you an Explanation of Benefits to prove that it paid its portion of your claims for your health benefits. When choosing a medigap insurance policy, it is sometimes best to choose an issue-age or community-rated policy rather than an attained-age one. Issue-age and community-rated policies are usually a little more expensive but you won't have to worry about rates increasing every year. Also, if you are not in good health, you may have a tough time switching to another policy years later if the steadily rising price gets too high. Medigap insurance is also known as Medicare supplement insurance. How much is Medigap Insurance? The premiums for Medigap insurance vary according to the level of coverage. Medigap insurance is sold by private companies. Before choosing a medigap insurance policy, compare rates and benefits. Things to think about before buying Medigap
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