If you’re worried about affording your healthcare costs, you’re not alone. 37% of adults age 65 and older are concerned that they won’t be able to afford their healthcare expenses within the next year. As the cost of care rises, it’s wise to consider all the insurance options available to you — including Medigap. 

Today, we’ll help you understand what Medigap is, how it can help you manage healthcare costs, and whether or not it pays for prescription drugs. 

Understanding Medigap: What is it? 

Medigap is also known as a Medicare Supplement, because it can help you pay for healthcare expenses that aren’t covered by Original Medicare. Medicare writes that Medigap “helps fill ‘gaps’ in Original Medicare and is sold by private companies.” Some of these gaps include:  

  • Copayments 
  • Coinsurance  
  • Deductibles 

To have these expenses covered, enroll in a Medigap policy on top of your Original Medicare policy. You can buy a policy from any insurance provider that’s licensed to sell in your state, but you and your spouse will need your own separate Medigap policies.  

Does Medigap cover prescription drugs? 

While Medigap helps you pay for some healthcare costs, it doesn’t help you pay for all of them. Most Medigap policies will not pay for any of your prescription drugs and medications.  

Medigap doesn’t cover prescription drugs. 

Since Medigap won’t help you pay for your medications, it is not the best option if you have a condition that requires you to take a lot of prescriptions. Likewise, if your prescriptions are really expensive, Medigap is not the best option for you. 

On the flip side, if you don’t have many monthly medications, or your medications aren’t too expensive, a Medigap policy may be perfect for you.  

Other options: Paying for for prescription drugs 

If you do need expensive prescription drugs on a regular basis, Medigap won’t help. But this isn’t a dead end—other insurance options can help you pay for your monthly medications.  

Here are some other insurance options to consider: 
  • Coverage from a former employer or union. 
  • Medicaid, which provides healthcare assistance to people with limited income and resources. Medicaid can help you pay for your medications, but it does depend on what state you live in. 
  • Medicare Advantage, which covers more healthcare costs than Original Medicare. Some plans offer Part D coverage, which means it will pay for your prescription drugs.  

If you do decide to go with a Medicare Advantage policy, you can’t buy and won’t need Medigap. 

Quick Summary 

We’ve just covered a lot of confusing information. Here is a quick summary of it:  

  • A Medigap policy can help you pay for healthcare expenses that Medicare doesn’t—including copayments, coinsurance, and deductibles.  
  • A Medigap policy won’t help you pay for prescription drugs.  
  • If you need pricey prescriptions on a regular basis, some Medicare Advantage will cover the costs for you. 

Ōmcare engages with Medicare plans  

Ōmcare is actively engaging with Medicare plans to help bring technology into your home as part of the costs you already pay. Our goals are to: 

  • Increase healthcare access  
  • Improve health outcomes  
  • Reduce costs  

Learn more about how we partner.