A Medigap policy, also known as Medicare Supplement Insurance, is a type of health insurance sold by private insurance companies to fill the "gaps" in Original Medicare Plan coverage. It helps pay some of the health care costs that Original Medicare doesnt cover, such as copayments, coinsurance, and deductibles. To buy a Medigap policy, you must have Original Medicare, both Part A (Hospital Insurance) and Part B (Medical Insurance) .

Medigap policies are standardized and must follow federal and state laws that protect consumers. They are sold by private insurance companies, and you pay a monthly premium for your Medigap plan in addition to the premiums you pay for Medicare Part A and Part B.

Medigap policies generally help cover your share of costs for services that are covered by Original Medicare (Part A and Part B) . The benefits are different in each plan, and not all plans are offered in every state. Some Medigap policies also cover services that Original Medicare doesnt cover, like medical care when you travel outside the U.S. (foreign travel emergency care) . However, Medigap policies generally dont cover long-term care (like in a nursing home), vision or dental care, hearing aids, eyeglasses, or private-duty nursing.

Its important to note that a Medigap plan is different from a Medicare Advantage (MA) plan. MA plans are a way to get Medicare benefits, while a Medigap only supplements your Original Medicare benefits. Medigap plans have higher premiums but fewer out-of-pocket costs, while MA plans have lower premiums but more out-of-pocket costs.

In summary, a Medigap policy is a type of health insurance sold by private insurance companies to help pay some of the health care costs that Original Medicare doesnt cover. Its important to understand the benefits and limitations of Medigap policies before purchasing one.