Medigap (Medicare Supplement)
Private insurance that covers gaps in Original Medicare, like deductibles and coinsurance.
Medigap, or Medicare Supplement insurance, is private coverage that pays for costs Original Medicare leaves to you — deductibles, coinsurance, and copays that could otherwise add up with no out-of-pocket maximum. Standardized plans (labeled by letters like Plan G) make it easier to compare across insurers, since the benefits are the same and mainly the price differs.
Medigap adds a monthly premium on top of Part B and Part D, commonly $125 or more, which is why a realistic all-in Medicare cost runs well above the Part B premium alone. The alternative path is Medicare Advantage, which bundles coverage differently; choosing between them is a significant retirement healthcare decision with enrollment-timing consequences.
This definition is general information to help you understand a term, not financial, tax, or legal advice. Figures that change year to year (limits, thresholds, rates) should be confirmed against current official sources. For guidance on your situation, a licensed fee-only fiduciary is the right next step.