Comparing Medicare Advantage to Medigap

Medicare Advantage and Medigap offer extended coverage beyond Original Medicare but differ significantly in terms of costs, benefits and care coordination. Understanding these differences is crucial for making an informed decision that aligns with your health care needs and financial situation.

Medicare Advantage: An All-In-One Alternative

Medicare Advantage, also known as Medicare Part C, is a bundled alternative to Original Medicare. Offered by private insurance companies approved by Medicare, these plans include Medicare Part A (hospital insurance) Part B (medical insurance) and often Part D (prescription drug coverage).

Here’s what you should know about Medicare Advantage Plans:

• Costs—Plans may include premiums, deductibles, copayments or coinsurance. While some plans offer $0 premiums, they may have higher out-of-pocket costs for services.
• Benefits—Plans often include additional coverage like dental, vision and hearing care, which Original Medicare doesn’t offer.
• Care coordination—Plans may have network restrictions, requiring you to choose healthcare providers within a specific network and typically need referrals for specialist visits.

Medigap: Supplementing Original Medicare

Medigap, or Medicare Supplement insurance, is designed to help cover gaps in Original Medicare by reducing out-of-pocket health care costs. These plans, offered by private companies, help pay some of the healthcare costs not covered by Original Medicare, like copayments, coinsurance and deductibles.

Here’s what you should know about Medigap options:

• Costs—You will have to pay premiums in addition to the Part B premium. Costs vary by plan and company.
• Benefits—Plans typically do not include extra services like vision, dental or hearing. They focus on covering out-of-pocket costs associated with Original Medicare. Some plans offer an annual out-of-pocket maximum.
• Care coordination—You can choose doctors and hospitals that accept Medicare, without referrals.

Ultimately, the choice between Medicare Advantage and Medigap depends on your health care needs and financial considerations. It’s important to review each plan’s details to understand how they may help cover your health care costs.

Your agent can help you get quotes for Medicare Advantage plans and Medigap coverage options that align with your health care needs and budget.

Contact Us

At Findlow Insurance in Forked River, NJ, we understand the complexities of Medicare and are here to help guide you through choosing the right supplemental coverage. Whether you’re considering Medicare Advantage or Medigap, our team of experts can provide the information you need to make an informed decision.

Contact Findlow Insurance today to discuss your Medicare coverage options and find a plan that best suits your healthcare needs and budget.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.