Medicare Glossary

Free Look Period

A 30-day period after you receive a new Medigap policy during which you can cancel it for a full premium refund if you are not satisfied. This gives you time to compare your old and new coverage before fully committing.

Gap Coverage

See Medigap / Medicare Supplement Insurance. Coverage that helps pay the out-of-pocket costs (gaps) not covered by Original Medicare, such as deductibles, coinsurance, and copays.

Also known as: Medigap, Medicare Supplement

Grace Period

A set amount of time after a premium due date, typically extending into the following month or two, during which you can still pay a missed Medicare Advantage, Part D, or Medigap premium before losing coverage.

Guaranteed Issue Rights

Situations in which an insurance company must sell you a Medigap policy regardless of your health status, cannot charge you more due to pre-existing conditions, and cannot make you wait for coverage to start. Also called Medigap protections.

Also known as: Medigap protections, GI rights

Guaranteed Renewable

A feature of standardized Medigap policies requiring the insurer to renew your coverage every year as long as you pay your premium, regardless of your health or how many claims you have filed.

Medicare SELECT

A type of Medigap policy that requires you to use specific hospitals and, in some cases, specific doctors (except in emergencies) to get full benefits. In exchange, premiums are typically lower than standard Medigap plans.

Medigap

Private supplemental insurance that fills the "gaps" in Original Medicare coverage, such as deductibles, coinsurance, and copays. Policies are standardized and sold by letter (e.g., Plan G, Plan N). Medigap policies generally do not cover prescription drugs.

Also known as: Medicare Supplement Insurance

Network

The doctors, hospitals, pharmacies, and other health care providers that have contracted with a health plan to provide services to members at negotiated rates. Medicare Advantage and Medigap SELECT plans have networks; Original Medicare does not.

Also known as: Provider network, In-network