A Medicare Supplement insurance policy, also known as Medigap, is sold by private insurance companies to help pay for healthcare costs that Original Medicare doesn't cover — like copayments, coinsurance, and deductibles.
Medigap policies help pay for: Medicare Part A coinsurance and hospital costs, Medicare Part B coinsurance or copayment, blood (first 3 pints), Part A hospice care coinsurance or copayment, skilled nursing facility care coinsurance, and — depending on the plan — foreign travel emergency care.
In most states, Medigap policies are standardized as Plans A through N. Each plan offers a different combination of benefits. The benefits in any Medigap plan are the same, regardless of which insurance company sells it — but premiums vary by company.
The best time to buy a Medigap policy is during your 6-month Medigap Open Enrollment Period, which starts when you're 65 or older and enrolled in Part B. During this window, you have a guaranteed right to buy any Medigap policy sold in your state — regardless of health conditions. After this window, insurers may use medical underwriting.