MediGap supplemental insurance, sold by private companies, can help pay some of the health care costs that Medicare does not, such as copays, coinsurance, and deductibles. Some Medigap policies also offer coverage for services that Original Medicare does not cover,such as travel abroad. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare approved amount for covered health care costs. Then your Medigap policy pays its share.
A Medigap policy is different from a Medicare Advantage. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.
Medigap policies generally do not cover long term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing.
Some types of insurance aren’t Medigap plans, they include:
If you decide to drop the entire Medigap policy, you need to be careful about the timing. For example, you may want a completely different Medigap policy (not just your old Medigap policy without the prescription drug coverage), or you might decide to switch to a Medicare Advantage Plan that offers prescription drug coverage.
If you drop your entire Medigap policy and the drug coverage was not creditable or you go more than 63 days before your new Medicare coverage begins, you have to pay a late enrollment penalty for your Medicare Prescription Drug Plan, if you choose to join one.
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