1. You must have Medicare Part A and Part B.
2. A Medigap policy is different from a Medicare Advantage Plan.  Medicare Advantage Plans are another way to get your Medicare Part A and Part B coverage while a Medigap policy supplements your Original Medicare benefits.
3. You pay the private insurance company a monthly premium for your Medigap policy. You pay this monthly premium in addition to the monthly Part B premium that you pay to Medicare.
4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.
5. You can buy a Medigap policy from any insurance company that's licensed in your state to sell one.
6. It’s important to compare Medigap policies since the costs can vary between plans offered by different companies and may go up as you get older. Some states limit Medigap premium costs. Medigap policies are standardized but may include other value-added benefits like gym memberships and discount programs that vary by plan.
7. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you pay the premium.
8. Medigap policies can no longer be sold with drug coverage, but if you have an older Medigap policy that was sold with drug coverage (before January 1, 2006), you can keep it. You may choose to join a separate Medicare Prescription Drug Plan (Part D).  Because most Medigap drug coverage isn’t creditable prescription drug coverage, you may pay more if you join a drug plan later. If you buy Medigap and a Medicare drug plan from the same company, you may need to make 2 separate premium payments.
9. It's illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan unless you're switching back to Original Medicare.

By: Steven Thomas Smith

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Article adapted from https://www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap