What You Need to Know

Here are a few things you should know before buying a Medigap Policy:

  • You are required to have both Medicare parts A and B in order to purchase a Medigap policy.
  • As of May 31, 2010, Plans E, H, I and J will no longer be available for purchase.
  • Two new Medigap Plans- Plans M and N- will be available as of June 1, 2010.
  • Benefits for Plans A, B, C, D, F and G will be changed.
  • Your premium payment for a Medigap Plan is separate from the Medicare Part B premium that you pay monthly.
  • Medigap Plans are for individuals only. If both you and your spouse wish Medigap coverage, you will both have to purchase a policy.
  • Insurance companies that are licensed in your state will be able to sell Medigap Plans. If you wish to purchase a Medigap Plan, refer to “Steps to buying a Medigap policy”.
  • Contact your insurance carrier if you wish to discontinue your Medigap Plan.
  • Your insurance carrier cannot cancel your Medigap policy as long as you pay the premium. Medigap Plans are guaranteed to be renewable regardless of your health.
  • Medigap Plans sold after January 1, 2006 will not include prescription medication coverage.
  • Medicare Prescription Drug Plan (Part D) is available from private insurance carriers that are approved by Medicare and require an additional premium.