Medicare Advantage vs. Medigap (Medicare Supplement)

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Medicare Advantage vs Medigap: Medicare Supplement, also known as Medigap, can help cover some or all of the additional 20% that Original Medicare doesn’t. How much it covers will depend on the coverage you need, and are willing to afford.

There are 10 standardized Medicare Supplement plans available and each one of the 10 has different types of coverage and costs. They are lettered A-N, Medigap Plan F & Medigap Plan G being the most popular.

Medicare Supplement Plan F covers the entire 20% that Original Medicare doesn’t and Medicare Supplement Plan G covers the same except the Part B deductible.

Medicare Advantage vs. Medigap

With it having the best coverage, in most cases it also costs the most. Choosing both Medicare Parts A & B and a Medigap plan will give the most comprehensive coverage, and will give you a piece of mind when medical situations arise. There are no networks of doctors or hospitals, as this coverage is accepted everywhere Medicare is accepted.

This is a valuable feature if you are planning on traveling, or moving around. It takes the guess work out of any miscellaneous rogue charges that you may get unexpectedly from any care provided.

You’ll find the cost to be a bit more than a Medicare Advantage plan, but you will get what you pay for. The cost of these plans will be in addition to your Medicare Part B premium, and Part D plan cost.

Medicare Advantage (Part C) Plans

Medicare Advantage (Like HMO’s & PPO’s), also known as Medicare Part C, is an option that will require you to sacrifice Original Medicare Parts A & B as your primary coverage. The insurance carrier you have chosen will then be your primary coverage; you will no longer have Medicare Parts A & B because Medicare Part C (Medicare Advantage vs Medigap) will take place of these.

You will be required to adhere to the chosen provider’s network of hospitals and doctors (HMO’s & PPO’s). This can be challenging as the network continuously changes throughout the year.

This will be a hassle when changes are made and care is provided by a then out of network hospital or doctor. These plans are attractive at first glance because typically the monthly premium, if any at all, is much lower than a Medicare Supplement plan.

This can be misleading when introduced to a Max-Out-Of-Pocket. This amount typically is much higher than the annual premium of a Medicare Supplement. Currently the government caps the Max-Out-Of-Pocket with these plans and this normally grows each year.

Yes you can find plans with lower Max-Out-Of-Pockets but it’s becoming more and more uncommon. As the government cuts costs to Medicare, Medicare then passes it down to the Medicare Advantage carriers. In which to offset the money they are losing they have to raise the Max-Out-Of-Pocket or the premium.

Still the lesser amount is typically higher than a Medicare Supplement annualized premium. With most plans there are daily out of pocket expenses for the first week or weeks in a hospital that can be difficult to afford along with a bunch of other expenses that you don’t always expect.

Most of the time you can find a Prescription Drug Plan (PDP) option already included within a Medicare Advantage vs Medigap plan.

Even though this can seem far less of a hassle up front, the entire picture needs to be looked at. Keep in mind when you start needing the coverage to work on your side, there will be an out of pocket cost that will eliminate any saving in premium you may have acquired from not having a Medicare Supplement.

Medigap vs Medicare Advantage 

Medigap vs Medicare Advantage: Both of these plans have their time and place. If you are looking for coverage when needed, without a hassle, Medicare Supplements vs Medicare Advantage are the way to go. You will get what you pay for, and it will be worth it.

Even if you are choosing a Medicare Advantage just because of affordability on a month to month basis, there are Medigap options that can fit your budget without as much of an out of pocket risk.

Medicare Advantage vs Medicare Supplement is only guaranteed to be issued during Open Enrollment, or some kind of Special Enrollment right. Getting on this plan option from the start is best.

If your health declines and you find yourself in a difficult position with the cost sharing involved with a Medicare Advantage, you could find it very difficult to qualify for a Medicare Supplement vs Medicare Advantage if applying outside of a guarantee issue or open enrollment right. You may have to deal with whatever is available to you in your area for Medicare Advantage.

Generally you should try and afford a Medicare Advantage vs Medicare Supplement plan as long as there is a plan that can work within your budget. If the time comes that you just can’t do it anymore, take a look into a Medicare Advantage plan.

These plans are always guarantee coverage during the Annual Enrollment Period. Remember our licensed Medicare agents are here to help make this decision the right one for you and to inform you about Medicare Advantage vs Supplement. Give us a call today so you can get back to living life!