Negative and positive ions crossing the anode-cathode gap of a magnetically insulated transmission line (MITL) can cause non-negligible current loss and energy deposition on the electrodes, which may lead to the formation of anode plasma and the growth of cathode plasma. Furthermore, gap closure could occur due to the expansion of cathode plasma and anode plasma. In this paper, a model for magnetic insulation of both negative ion flow and positive ion flow is developed. The operating voltage V of the MITL is expressed as a function of the total current I0 and the boundary current Ib. The total current and the boundary current of the MITL are derived at saturated and self-limited flows, respectively. In addition, particle-in-cell simulations are implemented for the validation of the theoretical model. The thickness and density of the magnetically insulated ion layers are analyzed, and an empirical expression for space charge factor g is obtained through simulation results. This work extends the understanding of magnetically insulated ion flow in MITLs.