Medigap Vs. Medicare Advantage and 5 reasons to get Medicare Advantage Plans:

Medigap Vs. Medicare Advantage and 5 reasons to get Medicare Advantage Plans:

What is Medigap

Medigap is also known as Medicare Advantageal Plans. It is an additional insurance policy to Advantage the initial coverage of the Medicare plan. Medigap helps pay for health costs such as co-insurance, co-payments and deductions.

The basics of Medigap:

Medicare Advantageal Plans are standardized and regulated by state and federal laws and identified by letters (A, B, C, D, F, G, K, L, M, and N). All plans with the same letters offer the same basic benefits, although some plans offer additional benefits. Plans A to G have a basic set of benefits and plans K to N have a different set.

In Massachusetts, Minnesota, and Wisconsin, plans are standardized differently and some states offer a different type of Medigap policy called a Medicare Select plan. Medicare Select plans operate as health maintenance organizations (HMOs) and tend to be cheaper, but require participants to use certain networks or flat rate coverage.

Medigap vs Medicare Advantage

Medicare Advantage Plans are not the only way to reduce your medical expenses. Medicare Advantage plans are another popular option.

Medicare Advantage plans (sometimes referred to as Medicare Part C plans) are Medicare-approved private insurance plans that offer the same level of benefits as Medicare Parts A and B. They typically include prescription drug coverage, as in the Part D of Medicare.

Depending on your use of the health care system, as well as other factors, a Medicare Advantage plan could cost you less than a Medicare / Medigap Matching, making it an attractive alternative. However, Medigap plans are generally more flexible, offering wider networks as well as the off-net benefits that a Medicare Advantage plan may not offer.

5 reasons to get Medicare Advantage Plans:

The gaps in Original Medicare, not everyone on Medicare needs a Medigap plan. Here are 5 reasons why you could:

  1. You are unemployed or retired: It is not uncommon for Medicare-eligible workers to choose Medicare Part A in addition to their employer-provided plan. If you do not have an employer plan, it is not an option.
  2. You are treated for a medical problem: If you regularly visit a health care provider and / or a maintenance drug, a Medigap plan can provide the necessary protection for your budget.
  3. You are not rich: Even the rich usually choose to isolate their income from unexpected medical expenses by buying additional insurance, so the rest of us should think about it too.
  4. You are not eligible for Medicaid: Medicaid is a government program that helps low-income people pay for their medical expenses. If you do not have this assistance, a Medigap policy may be your best bet for help with co-payments, deductibles, and other medical expenses out of pocket.
  5. A Medicare Advantage Plan: Do not provide the coverage you need.