Covering the Medigap

Anyone approaching age 65 who will be enrolled in Medicare Part B should consider shopping for Medicare supplement insurance, popularly known as “Medigap” insurance. These policies, which are sold by private insurance companies, are designed to provide reimbursement for out-of-pocket costs that are not covered by Medicare. Although Medicare covers many health-care costs, patients must still pay Medicare’s coinsurance and deductibles. There are also some medical services that Medicare does not cover. A person’s right to purchase Medigap insurance is guaranteed during a six-month interval that begins on the first day of the month in which he or she is 65 or older and enrolled in Medicare Part B regardless of the condition of his or her health.

NOTE: Medicare Part B is an optional premium-based plan that covers physician services and outpatient hospital care.