Medicare Supplement Insurance is a private health insurance policy designed to supplement Original Medicare.
Medicare Select policies offer the same basic coverage as the standard plans; however, the insurance company normally requires participants to use a specific network of health care providers and/or facilities. The premium for a Medicare Select policy is usually lower than a traditional Medicare Supplement insurance policy.
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Medicare Supplement Policies
They are often referred to as “Medigap” policies.
They only cover one person. Spouses are responsible for obtaining their own coverage.
The insured is responsible for paying the monthly premium.
The policy is guaranteed renewable.
The policy can be terminated only for nonpayment of premium or material misrepresentation. A material misrepresentation means you intentionally answered a question incorrectly on the application, and if the insurer would have known the correct answer, you would have been ineligible for the insurance plan or the plan would have been issued to you at a different premium.