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What is Medigap, and how much does it cost compared to Medicare?

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Medigap plans are sold by private insurers to cover some of the out-of-pocket spending you’ll have with Medicare, the federal government health plan. Those expenses include copays and deductibles.

You’ll need to pay monthly Medigap premiums on top of your premiums for Medicare Part B (most people don’t have monthly fees for Part A).

Shop around for Medigap plans, since costs and coverage can vary a lot. You’re guaranteed Medigap policy if you buy it during the 6-month Medicare open enrollment period, which starts the month you turn 65.

From: What Does Medicare Cost? WebMD Medical Reference

SOURCES:

USA Today: "Medicare Premiums to Remain Stable in 2014."

Centers for Medicare & Medicaid Services: "More Savings in the Drug Coverage Gap Coming Through 2020," "Get help with your Medicare Costs," "Medicare Savings Programs," "4 Programs That Can Help You Pay Your Medical Expenses," "Medicare and You," "Save on Drug Costs," "Part B Costs," "Medicare 2013: Costs at a Glance," "Costs for Medicare Drug Coverage," "How Medicare Advantage Plans Work," "What's Medicare Supplement (MediGap) Insurance?" "CMS Ensures Greater Value for People in Medicare Drug and Health Plans."

Department of Health and Human Services: "Eligibility."

Kaiser Family Foundation: "Filling the Financial Gaps in Medicare Coverage."

Medicare Rights Center: "Find Out If You Qualify," "Program Financial Eligibility Guidelines."

Michigan Department of Community Health: "Medicare Savings Program."

Minnesota Department of Human Services: "People who need help with Medicare costs."

Social Security Administration: "Understanding the Extra Help With Your Medicare Prescription Drug Plan," "Apply online for Extra Help with Medicare prescription drug costs," "Apply for Medicaid."

California Health Advocates: "An Overview: Prescription Drug Coverage."

Reviewed by Sarah Goodell on July 13, 2017

SOURCES:

USA Today: "Medicare Premiums to Remain Stable in 2014."

Centers for Medicare & Medicaid Services: "More Savings in the Drug Coverage Gap Coming Through 2020," "Get help with your Medicare Costs," "Medicare Savings Programs," "4 Programs That Can Help You Pay Your Medical Expenses," "Medicare and You," "Save on Drug Costs," "Part B Costs," "Medicare 2013: Costs at a Glance," "Costs for Medicare Drug Coverage," "How Medicare Advantage Plans Work," "What's Medicare Supplement (MediGap) Insurance?" "CMS Ensures Greater Value for People in Medicare Drug and Health Plans."

Department of Health and Human Services: "Eligibility."

Kaiser Family Foundation: "Filling the Financial Gaps in Medicare Coverage."

Medicare Rights Center: "Find Out If You Qualify," "Program Financial Eligibility Guidelines."

Michigan Department of Community Health: "Medicare Savings Program."

Minnesota Department of Human Services: "People who need help with Medicare costs."

Social Security Administration: "Understanding the Extra Help With Your Medicare Prescription Drug Plan," "Apply online for Extra Help with Medicare prescription drug costs," "Apply for Medicaid."

California Health Advocates: "An Overview: Prescription Drug Coverage."

Reviewed by Sarah Goodell on July 13, 2017

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What is open enrollment for health insurance plans?

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