Medicare Supplement Insurance Basics
When you sign up for Medicare, you have a choice between
- Original Medicare and
- Medicare Advantage
If you choose Original Medicare you may also want to consider purchasing a Medicare Supplement plan (also known as Medigap).
What is Medicare Supplement, or Medigap Insurance?
- Medigap insurance helps pay your out of pocket costs for services covered by Original Medicare.
- Medigap insurance is regulated by the states (Medicare and Medicare Advantage are regulated by the federal government).
When and How Can I Buy a Medicare Supplement Policy?
- It's best to buy a Medicare Supplement policy in the six month window after Part B of your Original Medicare goes into effect, though you may be able to purchase or switch plans at other times, as well.