In the past, shopping for your Medicare supplement — or “Medigap” — insurance was extremely confusing and difficult because companies offered policies with completely different benefits at a wide range of prices.

Now you can use price and plan benefits as the basis for your purchasing decision because the standard plans are identical from company to company. The only difference is which plans the company offers.

1. Replace income for dependents If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children...