Also known as a Medigap policy, a Medicare supplement pays for a portion of the health care costs that your basic Medicare policy will not cover like co-payments, deductibles, and coinsurance that you are responsible for.
Medicare supplement plans provide you peace of mind, knowing that if the unexpected happens, you won’t have your credit ruined because of unpaid medical bills.
Keep in mind that Medigap policies are different from Medicare Advantage plans. Advantage plans help you secure Medicare benefits in the first place, while Medigap policies supplement the Medicare coverage you already have. You cannot have both a Medicare Advantage plan and Medigap; you’ll need to leave Medicare Advantage to purchase Medigap coverage. You can then start your Medigap policy the day after your Medicare Advantage plan coverage expires. Finally, to qualify for Medicare supplement plans, you must have Medicare Part A and Part B. (Find more information on Medicare Advantage plan below).