Do You Need a Medicare Supplement Plan?

A Medigap (also called “Medicare Supplement Insurance” and more recently “Modernized Supplement Insurance”) is private health insurance policy that is designed to supplement Original Medicare (Part A and Part B). This means that it helps pay some of the health care costs, or “gaps” that Original Medicare doesn’t cover (like copayments, coinsurance and deductibles). Every Medigap policy must follow federal and state laws designed to protect you. Medigap insurance companies can only offer you a “standardized” plan. Each standardized plan must offer the same basic benefits, no matter which insurance company provides it. Under the new Modernized plans, insurance companies may offer innovative benefits in addition to the required standardized benefits. These “innovative” benefits may include things like eyewear or hearing aid coverage. Make sure to find out what innovative benefits are included in the plans you are considering.