Medicare Supplement Insurance, also known as Medigap, is a type of health insurance designed to cover costs that Medicare does not fully pay. This includes expenses like copayments, coinsurance, and deductibles. Medigap policies are sold by private insurance companies and can help reduce out-of-pocket costs for seniors.
To qualify for a Medigap policy, individuals must be enrolled in Medicare Part A and Part B. Each Medigap plan is standardized and labeled with letters (like Plan A, Plan B, etc.), ensuring that benefits are consistent across different insurers. This allows consumers to compare plans easily.
