Medicare is a federal health insurance program for people who are 65 years old and older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or transplant). Medicare consists of four parts:

• Part A: Hospital Insurance
• Part B: Medical Insurance
• Part C: Medicare Advantage
• Part D: Prescription Drug Coverage

Medicare Part A covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care. Medicare Part B covers doctor visits, outpatient care, medical supplies, and preventive services.

Medicare supplement plans, also known as Medigap plans, are private health insurance plans that can help you pay for some of the out-of-pocket costs that Original Medicare doesn’t cover, such as copays, deductibles, and coinsurance.

Medigap plans can save you money on your health care costs in a few ways:

• They can help you pay for your copays and deductibles. Medicare doesn’t cover all of the costs of your health care, so you may have to pay copays and deductibles for some services. Medigap plans can help you pay for these costs.
• They can help you pay for your coinsurance. Medicare also requires you to pay coinsurance for some services. Medigap plans can help you pay for this cost.
• They can help you cover your out-of-pocket maximum. Medicare has an out-of-pocket maximum, which is the most you will have to pay for your health care in a year. Medigap plans can help you cover this cost.

Medigap plans can be a valuable way to save money on your health care costs. However, it’s important to compare plans carefully to find the one that best meets your needs and budget.

Here are some additional things to keep in mind about Medigap plans:

• You can only buy a Medigap plan if you already have Original Medicare.
• You can buy a Medigap plan during your Medigap open enrollment period or during a special enrollment period.
• Medigap plans can vary in terms of cost and coverage.
• It’s important to compare plans carefully before you buy one.

If you’re considering buying a Medigap plan, I recommend that you talk to a Medicare-approved insurance agent. They can help you compare plans and find the one that best meets your needs.