6 things to know about Medicare Supplement insurance policies 1.You must have Medicare Part A and Part B.
2.You pay the private insurance company a monthly premium for your Medigap policy in addition to the monthly Part B premium that you pay to Medicare(Usually subtracted from your Social Security deposit).
3.A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.
4.You can buy a Medigap policy from any insurance company that's licensed in your state to sell one.
5.Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you pay the premium.
6.Some Medigap policies sold in the past cover prescription drugs, but Medigap policies sold after January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).