Before purchasing Medicare Supplement Insurance (Medigap), you need to be enrolled in both Medicare Part A and Part B. Medigap policies are sold by private insurance companies and require a separate monthly premium in addition to your Part B premium of $202.90 that you pay to Medicare.
Each Medigap policy covers only one person, so spouses need separate policies. If you purchase both Medigap and a Medicare drug plan from the same company, you may need to make two separate premium payments. Contact the company directly to understand their payment process.
Medigap policies cannot include prescription drug coverage. If you need drug coverage, you must enroll in a separate Medicare Part D plan. Having drug coverage in both Medigap and a Part D plan is not permitted.
Comparing Medigap policies is crucial because premiums can vary significantly between insurance companies for identical coverage. Premiums may also increase as you age, though some states regulate these cost increases.
In certain states, you can purchase Medicare SELECT, a type of Medigap policy requiring you to use specific hospitals and sometimes doctors within its network for full benefits, except in emergencies.