You May Not Need It

• Medicare supplemental plans, better known as Medigap policies, have a set of particular benefits, and some plans also pay for extra costs such as deductibles and co-insurance. If you have traditional Medicare, and you do not use the doctor frequently, a Medigap may not be worth it for you. You also may not be qualified for a Medigap, unless you are within the first six months of becoming Medicare-eligible. You may be limited in which plans you can buy, and the plan may implement a pre-existing condition waiting period.
  
  

You Might Need It Someday

• Insurance isn't about the here and now, but rather, it's about protecting yourself for the future. The extra money you spend now may be worth it to you if you end up needing those extra benefits in the future or if your health condition changes, and you eventually require more health care.
  
  

Bottom Line

• If you have the money to spend on a Medigap policy and you can find a plan willing to sell one to you, you should purchase one. Joseph L. Matthews from Caring.com, a website for caregivers, recommends making sure the high premium is worth it for the benefits you will receive.