Medicare Medigap Plans

A Medigap policy is health insurance sold by private insurance companies to fill the “gaps” in Original Medicare Plan coverage. These “gaps” are the health care costs that the Original Medicare Plan covers, but doesn't pay for. If you are in the Original Medicare Plan and have a Medigap policy, then Medicare and your Medigap policy will each pay its share of covered health care costs. Generally, when you buy a Medigap policy you must have Medicare Part A and Part B. You will have to continue to pay the monthly Medicare Part B premium. In addition, you will have to pay a premium to the Medigap insurance company. As long as you pay your premium, your Medigap policy is guaranteed renewable, meaning that it is automatically renewed each year. However, if a Medigap policy was purchased before 1992, insurance companies in some states may refuse to renew it.