Medicare Supplements are also known as Medigap policies. They are private health insurance plans that help pay for some of the costs that Traditional Medicare doesn't cover, such as copayments, coinsurance, and deductibles. To be eligible for Medigap, you must be enrolled in Medicare Part A and Part B.

You can buy a Medigap policy anytime after you turn 65, but you may have to pay a higher premium if you wait too long. You can also buy a Medigap policy if you have a disability that qualifies you for Medicare.

Medigap policies are not free, but they can save you money on your out-of-pocket costs for Medicare. The cost of a Medigap policy will vary depending on the plan you choose, your age, and your health status.

Since Medicare only covers 80% of your Part B expenses, the other 20% can be devastating to you financially if a serious illness arises. Medicare Supplement plans, can pay some or all of the remaining 20%. This provides peace of mind by eliminating the 20% that you would be responsible for with Traditional Medicare only.