Medicare Supplement Insurance is a type of health insurance for seniors. It was designed to bridge the coverage gaps left by standard Medicare benefits. Offered by private insurance companies, it is a supplemental health insurance that works in addition to your Original Medicare plan to pay for certain services not covered by Medicare.
Insurance companies sell standardized Supplement policies. Because of the standardization of Medicare Supplement Insurance plans, the greatest difference you're likely to find between any 2 insurance companies is the price.
Although Medigap policies are sold by private insurance companies, they are strictly regulated by the Federal and State laws. Before buying a senior supplemental health insurance policy, you must have Medicare Part A and B.
You'll continue paying your Medicare Part B premium in addition to the premium for your Medigap policy. All new Medigap policies are guaranteed renewable, which means that your supplemental health insurance provider must provide coverage benefits as long as you continue to pay your premium.
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