In this class, we covered the essential aspects of Medicare Supplement (Medigap) plans, including how they help cover gaps in Medicare, who qualifies, and what to consider when selecting a plan. We also compared Medigap to Medicare Advantage to help you determine which option is right for you.

Key Takeaways and Next Steps:

What Medigap Covers: Medigap plans cover deductibles, co-pays, and co-insurance, supplementing Original Medicare. They do not cover prescription drugs or long-term care, so you may need a separate plan for those services.
Medigap Eligibility: The best time to enroll in Medigap is during your Medigap Open Enrollment Period (the six months after you turn 65 and enroll in Medicare Part B). If you apply outside this window, your health may affect premiums or your ability to get coverage.
Plan Comparison: Medigap plans are standardized but vary in coverage levels (Plans A through N). Consider factors like foreign travel coverage, hospital stay extensions, and excess charge protections when choosing a plan.
Cost Considerations: Premiums vary by plan type, your age, and the insurance company. Look into household discounts and automatic payment options for potential savings. Remember, there is no family plan, so each person must have their own Medigap policy.
Medicare Supplement vs. Medicare Advantage: Medigap allows flexibility since there are no networks, and any doctor who accepts Medicare will accept Medigap. Medicare Advantage plans, however, may include networks and bundled services like prescription drug coverage.