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Medigap vs Advantage

Medigap vs Advantage | What You Need to Know

Have you ever found yourself confused between Medigap Supplement and Advantage Plans? It’s like standing at a crossroads with no signboards. The key lies in understanding the differences and how they impact you.

While some people swear by the convenience of Medicare Supplements (also known as Medigap), others are die-hard fans of Medicare Advantage. It’s not about which one is objectively better – it’s about what meets your unique needs.

Medigap, like the popular Plan G, is often seen as the Cadillac of plans. It offers convenience, no networks, no co-pays, and freedom from potential restrictions or dealing with prior authorizations. On the other hand, Medicare Advantage can be the more economical choice … at least at first.

Here’s a simple breakdown:

Medigap Supplement

You keep traditional Medicare Parts A and B as your primary insurance coverage. Medicare supplement plans have no doctor networks, so you can always visit any Medicare provider. This gives you the freedom to visit any Medicare doctor across the country. You then add a standalone Medicare Part D prescription drug plan to cover your meds. You can add a Medigap Supplement to cover all the deductibles and coinsurance. These plans provide peace of mind against huge medical bills as they cover almost all your potential out-of-pocket costs.

Advantage Plan

You opt for a Medicare Advantage plan, also known as Part C of Medicare. These are alternatives to your traditional Medicare benefits offered by private insurance companies. They cover all Original Medicare Parts A and B services and usually include your Part D prescription drug benefits. Medicare Advantage plans include managed care and usually roll your prescription drug benefits into the plan.

Choosing the Best Plan for You

  1. Weigh your financial situation. Are you willing to pay more for convenience?
  2. Understand your healthcare needs. Do you need a plan with fewer restrictions and no co-pays?
  3. Consider your comfort with networks or lack thereof. How important is it for you to avoid dealing with prior authorizations?

I’ve seen countless seniors sigh in relief once they understand these differences.

In Summary

  • Medigap Supplements have you paying premiums but eliminate the risk of health care expenses.
  • With Advantage Plans, you might escape the premiums but will have co-pays until a certain limit.

It’s like deciding between a guaranteed monthly expense or a potentially significant hit later. It’s not just about the math but what feels right for you.

Not sure where to begin

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