A Medigap policy is designed to pay for the costs that Medicare doesn't cover, such as deductibles, copayments, and coinsurance. Since Medicare Part B only covers 80% of Medicare approved costs, the rest is paid by the individual. That is where a Medigap policy can protect you from potential large medical bills.
Medigap is sold by private insurance companies that Medicare approves. Medicare defines the policy standards which govern the coverage of the policy. These Medigap plans have Letters assigned to them, such as F, M, N which define their coverage. An F Medigap policy you buy from one insurance company will have the same coverage as one you buy from another company.
Medigap is sold by private insurance companies that Medicare approves. Medicare defines the policy standards which govern the coverage of the policy. These Medigap plans have Letters assigned to them, such as F, M, N which define their coverage. An F Medigap policy you buy from one insurance company will have the same coverage as one you buy from another company.