Average Medigap premiums can vary widely depending on factors like the plan type, as well as your location, age and health. Nora Carol Photography/Getty Images

Each year, millions of retired Americans rely on Medicare supplemental insurance — also known as Medigap — to bridge the coverage gaps left by their traditional Medicare coverage.

After all, the costs for Original Medicare copays, coinsurance and deductibles can add up quickly, especially for those who require frequent medical services. Original Medicare also excludes coverage for certain types of care and most prescription drugs, adding to the financial burden retirees face. However, traditional Medicare beneficiaries who also have Medigap coverage are less likely to report cost-related problems than Medicare benefici

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