Lesson 1: Medicare Supplement Insurance.

A Medigap plan, also known as a Medicare Supplement plan, is a type of health insurance designed to cover the gaps left by Original Medicare (Part A and Part B). These plans help pay for out-of-pocket expenses such as copayments, coinsurance, and deductibles.

Medigap plans are offered by private insurance companies and are standardized across states, meaning that a Plan G in one state offers the same benefits as a Plan G in another. Beneficiaries can choose from various plans designated by letters A through N, each providing different levels of coverage.

To be eligible for a Medigap plan, you must be enrolled in both Part A and Part B of Medicare. It's important to note that Medigap policies do not cover additional services like vision, dental, or long-term care.

Enrollment in a Medigap plan typically occurs during your Medigap Open Enrollment Period, which is the six-month period starting the first month you are 65 or older and enrolled in Medicare Part B. During this time, you have guaranteed issue rights, meaning insurance companies cannot deny you coverage or charge higher premiums due to pre-existing conditions.

Medigap plans come with monthly premiums in addition to your Medicare Part B premium, and prices can vary widely based on factors like location, age, and the insurer.

It's advisable to compare different plans and speak with a knowledgeable advisor to find the best option for your healthcare needs.

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