1. There Are 10 Standard Medigap Policies

importantBy law, companies can only offer 10 standardized Medigap policies known as A-N. The plans are A, B, C, D, F, G, K, L, M, and N. The plans previously labeled E, H, I, and J are no longer sold. An insurance company does not have to carry all ten plans. Some may only carry a few, while others may offer all ten.

You only need one policy. Each policy builds on the previous one. Plan D includes all the coverage options offered by A, B, and C, plus additional options under Plan D. Plan E, provides everything Plan D does, plus additional coverage, and so on. It is illegal for an insurance company to sell you more than one plan.

2. Medigaps Are Not Part Of Medicare

helping-seniorsMedicare Supplements are not part of Medicare or any other federal insurance program. They are policies sold by private insurance companies. It is illegal for an insurance agent to make such claims.

3. It is Illegal For An Insurance Company To Sell A Medicare Advantage Participant A Medigap

medigap signingIf you are in a Medicare Advantage plan, it is illegal for an insurance company to sell you a Medigap unless the coverage on the Medicare Advantage plan will run out before the coverage on the Medigap will begin.

4. Does A Medigap Replace Original Medicare?

medicare question2No. A Medigap supplements your Original Medicare coverage. Medicare pays its normal share of healthcare costs, and then the Medigap coverage kicks in and pays its share.

5. Is There A Medigap That Covers Prescription Drugs?

question manSome Medigap policies sold in the past cover prescription drugs, but Medigap policies sold after January 1, 2006 aren’t allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Part D plan.