A Medigap policy is the private insurance policy that you can by that is intended to cover the gaps that are left behind by Medicare. It is sold by the insurance companies themselves. One of the benefits of most Medigap policies is that they are guaranteed renewable. This means that they simply renew each year as long as you continue to pay the premiums no matter what. However, some of them are not guaranteed renewable. If they do not carry this benefit, many wonder if they should bother to even get the policy.
Even a Medigap policy that is not guaranteed renewable still has a number of other benefits. To have everything that Medicare leaves behind covered is a nice place to be. You may have to reapply each year if you do not have an automatically renewable policy, but it should still renew in most cases. Unless you have just abused or overused your policy in one year, then you can expect that you will have your Medigap policy renewed. You do not have to have a guaranteed renewable policy in order to have the peace of mind that it will be renewed.
The only time that you should consider not getting a Medigap policy is when it is significantly overpriced. You do not want to have to pay way too much money if you have little need to even use the policy. If you feel that your current Medicare plan covers everything that you need, then you shouldn’t bother to get the Medigap policy. However, there are few people who would feel completely comfortable with just Medicare.