Boomer (Medigap) Medicare Supplemental Plans

Medicare Supplemental  Insurance Plans (Medigap) are an option to original Medicare and Advantage Plans that may meet the needs of some baby boomers better.  In fact, about 18% of Medicare beneficiaries are covered by a Medigap insurance policy so it is a popular choice for many.

Medigap Insurance Explained

Medigap is a type of private health insurance used instead of original Medicare that provides coverages for medical expenses not or only partially covered by Medicare.

Since Medigap insurance policies ares standardized by the federal goverment you will have a set list of “standarized Medigap policies” to choose from. These policies differ among states and even among local counties.  So one of the best ways to help compare Medigap policies is to consult the “Compare Medigap Policies” web site so that you can compare plans side by side to see what Medigap benefits best meets your needs. They even have a Find a Medigap Policy in Your Area form.

Once you find a Medigap policy that is best for you, then you need to shop around for the best insurance company to purchase that policy.  Best meaning the insurance company reputation and customer service as well as the cost of the policy, which can vary greatly even for the same policy which provides the same benefits. Be sure to ask if the insurance company has the SilverSneakers program.

So spend some time on the Medicare.gov site to education yourself about Medicap insurance, compare the policies, then contact several insurance companies to get quotes and have your questions answered.

By Robert Fowler

6 thoughts on “Boomer (Medigap) Medicare Supplemental Plans”

  1. I’m wondering if this is still going to be relevant with all the changes coming to healthcare here in the US soon? The deadline is coming up, and I couldn’t find any information on it on the new website healthcare.gov.

  2. It is an interesting initative. I have heard about MediGap previously, but I didn’t know that they are one of the “big players”.

    1. @andrewroster That is a common misconception of Medigap. Medigap policies, aka Medicare Supplements, work WITH original Medicare to fill in the “gaps” left by Medicare. What you are referring to is Medicare Advantage. Medicare Advantage, also known as Medicare replacement or Medicare Part C, is the private health insurance that replaces your Medicare.

      Medigap (Medicare Supplements)= No network restrictions
      Medicare Advantage (Medicare Replacement, Medicare Part C)=
      Network restrictions

  3. I think that ‘homework’ is the key word in this equation. I think that really looking back at the past and seeing what are the most common health concerns is the first step to see which insurance works best. For myself, teeth are a problematic area of my health, for my husband, that would be a waste of money because he has no cavities! Next step, choosing the right insurance company with the best service and lowest price. good luck
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  4. Good to know that Medigap is a type of private health insurance used instead of original Medicare that provides coverages for medical expenses not or only partially covered by Medicare.thanx for this information sharing.

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