What is medigap insurance?

Medigap insurance refers to a type of supplemental insurance specifically designed to help cover the costs that Medicare does not pay. While Medicare provides essential health coverage for individuals aged 65 and older, it often leaves gaps in coverage related to deductibles, copayments, and coinsurance. Medigap policies are intended to fill these gaps, helping beneficiaries manage their healthcare expenses more effectively.

This type of insurance is standardized across most states, ensuring that beneficiaries can pick a plan that suits their needs without worrying about fluctuating benefits from one insurer to another. Medigap policies are sold by private insurance companies, and individuals must be enrolled in both Medicare Part A and Part B to qualify for these plans.

In contrast, the other options do not accurately describe Medigap insurance. Insurance designed for individuals under 30 typically relates to health and life insurance policies targeted at younger demographics. A type of life insurance policy specifically focuses on providing a death benefit to beneficiaries rather than covering healthcare costs. Insurance for those who do not qualify for Medicare references alternatives for people outside of Medicare eligibility, which is not the focus of Medigap policies.