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The question of Medigap VS Medicare Advantage has come up for anyone who is currently on or about to go on Medicare coverage. Answering this question requires looking at each service and then deciding which one works best for you. This article will help you sort out the differences so when you get your quotes you can make an informed decision about which is best for you.
Medigap is frequently referred to as Medicare supplemental insurance. This is because these policies work with traditional Medicare coverage to provide more comprehensive coverage. The coverage is necessary because if you decide to go with traditional Medicare then you will be exposed to nine coverage gaps. Most of the gaps do not have a cap on how much you can be charged if whatever health care you are receiving happens to fall into one of the gaps. The most popular of the plans is Medigap plan F because it will close all nine of the coverage gaps left by Medicare Part A and Part B. The main disadvantage to Medigap in the Medigap VS Medicare Advantage is that you will have three premiums being taken out of your Social Security check: Medicare Part B, Medicare Part D, and your Medigap premiums. You do not personally have to write checks for all of these so most people do not see this as an inconvenience.
Medicare Advantage is frequently referred to as Medicare Part C. This isn’t really true because these plans are administered outside of the Medicare system by private insurance companies like AARP or Humana. The way it works is the government takes whatever they would have spent on your Medicare coverage and applies it to a private health insurance plan like an HMO or PPO. If you get a plan that is more expensive than the subsidy then you pay the difference. The nice thing is that there are plans that will not cost you anything out of pocket. The disadvantages to Medicare advantage in the Medigap VS Medicare advantage debate is that, unlike Medigap plans, the Medicare Advantage plans are not standardized. So you have to be very careful about which plan you choose and whether or not it has coverage gaps you can live with. Finally you have to be careful about the network of doctors that come with the plan. Your current physician may or may not be a part of that network.
At MedigapPlanF360.com we are dedicated to helping you find the best fit for your senior health insurance needs. If you have any more questions about Medigap VS Medicare Advantage or are ready to get a set of quotes fill out the form on this page and it will be our pleasure to serve you.