What are Medigap policies?

Medigap policies are standardized insurance plans designed specifically to cover the out-of-pocket costs not paid by Original Medicare (Parts A and B). These costs can include deductibles, copayments, and coinsurance, which can lead to significant expenses for those who rely solely on Medicare for their healthcare needs. Medigap policies work alongside Original Medicare, providing beneficiaries with financial protection against these gaps.

Each Medigap policy is required to provide a core set of benefits, and these are standardized, meaning that the benefits of a Medigap plan are the same, regardless of the insurance company selling it. This allows consumers to compare policies more easily. Additionally, it’s important to note that Medigap policies do not cover additional benefits such as routine dental and vision care, which further underscores their primary purpose of filling the gaps in Medicare coverage rather than expanding it.