What is purpose of medigap policy?

A Medigap policy, also known as Medicare Supplement Insurance, is designed to help cover the out-of-pocket costs that Original Medicare does not pay, such as deductibles, copayments, and coinsurance. This supplemental insurance helps beneficiaries manage their healthcare expenses more effectively, providing financial protection and peace of mind. Medigap policies are offered by private insurance companies and are standardized into different plans to offer various levels of coverage.