1. You must have both Medicare Part A and Part B to buy a Medigap plan.
2. A Medigap policy is different from a Medicare Advantage Plan. Both plans are ways to get Medicare benefits. A Medigap policy supplements your Original Medicare benefits from the government.
3. You pay the private insurance company a monthly premium for your Medigap policy. You pay this monthly premium is in addition to the monthly Part B premium that you pay to Medicare.
4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.
5. You can buy a Medigap policy from any insurance company that's licensed to sell one in your state.
6. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you pay the premium.
7. Some Medigap policies sold in the past cover prescription drugs. But, Medigap policies sold after January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D). If you buy a Medigap and a Medicare drug plan from the same company, you may need to make two separate premium payments.
8. It's illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you're switching back to Original Medicare.
