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What is the difference between Medigap and supplemental insurance? Are they the same thing or do they serve different purposes?
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Medigap and supplemental insurance are terms often used interchangeably, but they actually refer to different types of insurance plans. Medigap refers specifically to supplemental insurance plans that are designed to fill the gaps in coverage left by Original Medicare, such as copayments, coinsurance, and deductibles. These plans are standardized and regulated by the government, and they are offered by private insurance companies. On the other hand, supplemental insurance is a broader term that can encompass various types of insurance plans that provide additional coverage beyond what is offered by Original Medicare. This can include coverage for services not covered by Medicare, such as dental, vision, or prescription drug coverage. While Medigap is a specific type of supplemental insurance, not all supplemental insurance plans are Medigap plans. It's important for individuals to carefully review and understand the specific coverage and benefits offered by any supplemental insurance plan they are considering, as the details can vary widely between different plans and insurance providers.
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