Did you know that 44 million people are currently enrolled in the Medicare program in the United States? If you are trying to decide which is the best Medicare coverage for you and your needs but are asking “what is the difference between Medicare Advantage and Medigap?” you are in the right place.
Keep reading to learn the main differences below.
What Is the Difference Between Medicare Advantage and Medigap?
Before we dive into the specific differences between Medicare Advantage and Medigap we want to make sure you understand that Medigap policies can’t work without Medicare Advantage plans. Also, please understand that your Medigap policy can’t be used to pay for your Medicare Advantage premiums, deductibles, and copayments.
When making the comparison between both, always remember that what is best for a person, all depends on the person’s specific needs.
Medicare Advantage
Medicare Advantage is also known as Medicare Part C. This is considered an alternative to Medigap. With this option, all the plans are all-in-one bundles that include prescription drug coverage as well. Many of the plans also offer hearing care, dental, and vision.
With Medicare Advantage a person has to choose the doctors they will see from within the plan’s network. The premiums are usually lower than Medigap premiums. There is also an annual cap on the out-of-pocket expenses.
Usually, with Medicare Advantage plans you are only covered in one region. If you travel or move for winter then this might not be the best option for you.
Medigap
Medigap is supplemental insurance that people with Original Medicare can buy. With Medigap, the plans help cover the deductibles, copayments, and coinsurance that come with Medicare Parts A and Part B. None of these plans include prescription drug coverage.
You do have flexibility in doctors, unlike Medicare Advantage you can go see any doctor that accepts Medicare.
The premium costs for Medigap are usually higher than Advantage premium prices. The difference is that usually, Medigap will cover more expenses than Medicare Advantage plans.
In lamest terms, this means that although your premium might be higher than Medicare Advantage you will more than likely have little to no out-of-pocket expenses when you are receiving services.
If you are a traveler or live in more than one state throughout the year, then Medigap might be best suited for you because you will have coverage in all 50 states. You will also be covered if you are traveling internationally.
Are You Ready to Make a Decision?
Now that we answered the question “what is the difference between Medicare Advantage and Medigap?” you can make an informed decision about your coverage moving forward. We understand that the entire process can be overwhelming because there are so many different decisions to make.
Did our article help you today? Please feel free to browse the rest of our site for some more helpful reads.
