How Does Medigap Differ From Medicare Advantage?
Both the Medicare Advantage plan and the medigap plans are often described as supplemental to Medicare. Nonetheless, they are two very different things. Medigap is the only one that is actually referred to as "Medicare supplemental insurance," but Medicare Advantage plans offer some benefits that could also be considered improving upon Medicare.
Medigap refers to insurance plans that are available to people who have traditional Medicare. It is privately run, but the government lays down a set of rules requiring exactly what needs to be covered by each medigap plan. These plans are used to fill in some of the gaps in Medicare coverage. Despite the fact that the coverage of the plans does not change between insurers, the cost of the premiums can vary dramatically.
Medicare Advantage refers to private health insurance plans that are offered as an alternative to traditional Medicare. These plans are required to offer at least the same coverage as traditional Medicare. In some cases, they might offer copayments that are lower than traditional Medicare, although not always. They also may offer more benefits than traditional Medicare. Unlike Medicare, most of the plans will require you to visit doctors that are a part of their network.
Choosing a Plan
When choosing between medigap and Medicare Advantage, there are several things that need to be taken into account. The best choice for you will depend on you needs and your budget. In order to decide, you will need to understand what is covered and what the costs are. The additional coverage offered by a Medicare Advantage plan, if any, will vary from one insurer to another. The coverage offered by medigap is the same no matter the carrier, and you can find this information on the Medicare website. The costs will vary wildly, no matter which option. Obviously, it takes quite a bit of work to find the right plan, but it is worth the investment.