Medigap insurance
Do you need Medigap insurance?
Medicare - Part A, Part B or both - doesn't cover the total cost of most medical services or supplies. Given that those out-of-pocket costs could severely affect your lifestyle, you may want to buy a Medigap insurance policy, offered by a number of health insurers.
Medigap insurance policies are literally designed to help bridge the gap between your retiree health care costs and your Medicare benefits.
- Best time to buy Medigap - the "open enrollment period" which is generally within the first six months of turning age 65 (varies by state).
- There's no medical underwriting in open enrollment, which means you can't be refused a policy, forced to wait for your coverage or even charged more because of any health problems.
- New Medigap policies do not cover prescription drug costs. You may want to join a Medicare Prescription Drug Plan offered by private companies approved by Medicare.