Sold by private companies, a Medicare Supplement Insurance (Medigap) policy can help pay some of the health care costs that Original Medicare doesn’t cover, such as co-payments, coinsurance, and deductibles.
Medigap policies don’t cover long-term care, dental care, vision care, hearing aids, eyeglasses, and private-duty nursing. Most plans do not cover prescription drugs.
If you are going to buy a Medigap plan, the open enrollment period is six months from the first day of the month of your 65th birthday — as long as you are also signed up for Medicare Part B — or within six months of signing up for Medicare Part B. During this time, you can buy any Medigap policy at the same price a person in good health pays. If you try to buy a Medigap policy outside this window, there is no guarantee that you’ll be able to get coverage. If you do get covered, your rates might be higher. For a Medigap plan, you pay a monthly premium to the insurance company in addition to your Medicare Part B premium. The cost of your Medigap policy depends on the type of plan you buy, the insurance company, your location, and your age. A standardized Medigap policy is guaranteed renewable, if you pay your premiums on time.
What does it cost? How do I get it?
Insurance companies set their own prices and rules about eligibility, so shop around!
Look at some of these plans, and see if they justify the expense. For instance, this one:
Medigap Policy A
Monthly Premium: $80 – $275 Estimated Annual Cost: $8,350.00
That is a LOT of money for a retiree on a fixed income and here is what it covers
There is some good stuff in there, especially the Medicare Part A Hospital Coinsurance/Deductible section; this could make a huge difference.
Just remember that these plans cost in addition to what you already pay for Medicare A & B, so this could get expensive. But some of the coverage looks worthwhile, so this is something to consider.
These are not the same thing as Medicare Advantage plans. I will look at those tomorrow.
There is more information here and I suggest you visit these links for more in depth dope :