How Does Medigap Differ from Medicare Advantage?
If you’re nearing the age of 65 and thinking about your options when it comes to Medicare, you might want to know the difference between Medicare supplement insurance (also known as Medigap) and Medicare Advantage Plans.
The good news is that there are an amazing number of choices when it comes to Medigap Insurance and Medicare Advantage Plans. However, with so many choices it can sometimes become overwhelming to choose the plan that is right for you.
“Knowing whether to choose original Medicare and supplement your coverage with a Medigap policy or to select a Medicare Advantage Plan means identifying your needs and what each plan offers,” suggests Alan Weinstock, insurance broker at MedicareSupplementPlans.com. That is why it is important to understand the difference.
Difference Between Original Medicare and Medicare Advantage
Medigap can be used only by people enrolled in traditional Medicare. It is not a government-run program, but private insurance that you can purchase separately in addition to Medicare to help cover the out-of-pocket expenses you incur with Medicare.
These costs may include expenses such as Part B costs (i.e. 20% physician visit copay), the Part A hospital deductible (currently $1,100 for each hospital benefit period), most of the cost of medical emergencies abroad and certain other outlays, depending on which kind of policy you choose. There are 10 types of Medigap policies which are standardized by law—meaning the benefits of each are the same, regardless of which insurer sells it. The difference is in the cost. Insurers charge widely different premiums, so it pays to shop around.
Medicare Advantage offers a variety of private health plans—generally HMOs and PPOs—as an alternative to the traditional Medicare program. Every Medicare Advantage plan must cover all the same benefits that traditional Medicare covers. But the plans can charge different copayments (often lower than the traditional program but not always) and offer extra benefits.
Depending on the Medicare Advantage plan you choose, there may or may not be a Part B premium. Most include prescription drug coverage at no additional cost. Some cover routine hearing and vision services, usually as a separate package for an additional premium. One important aspect to keep in mind about Medicare Advantage plans is that most require you to go health care providers within their service network or pay higher copays for going out of network.
How Seniors Can Choose the Best Plan
While there are experts in Medicare and Medigap insurance available, such as the brokers at http://www.MedicareSupplementPlans.com, one of the best sources of information is your own doctor. Ask for a list of plans they accept. Even though they probably accept Original Medicare, it is important to ensure that your physician and medical plan are aligned.
All in all it is important to take your time to you choose the best Medicare plan for you. Whether you decide on Medicare with a supplemental Medigap policy or choose a Medicare Advantage Plan, don’t make a snap decision. Consider your options by getting the facts from the Center for Medicare and Medicaid Services or the experts at MedicareSupplementPlans.com.
The best Medicare Supplemental Insurance is one that provides full security to the people and hence is called Medigap; Medicare supplemental plans should be beneficial for the people.
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