Which is Better for Me: Medigap or Medicare Advantage Plan

Which is Better for Me: Medigap or Medicare Advantage Plan?

Are you confused about choosing between Medigap and Medicare Advantage Plan? Good news, you are not alone. Health insurance is very expensive especially in capitalist countries like the United States. It even gets more important and more expensive as you get old and become prone to sickness. Thus, it is very important that you choose the best health insurance plan for your old days.

Another factor to consider when choosing health insurance is the cost. Many seniors don't have the energy to work actively and earn money. Thus, they must depend on their pensions and savings to pay for health insurance. It is important to consider this when you are deciding between Medigap or Medicare Advantage Plan. However, one of the most challenging problems most people face is that both plans are very confusing. This makes it even harder to choose. In this article, we will try to make it simpler for you. Keep on reading to find out more.

What is Medigap?

Medigap is a part of Medicare policy. It is also known as Medigap coverage. This policy protects people who already subscribe to the traditional Medicare against many of the traditional costs a patient might pay. You will have to pay a premium to get access to Medigap. Whenever you see a doctor that takes Medicare policy, your Medigap insurance will cover you.

What is the Medicare Advantage Plan?

Medicare Advantage Plan gives you an option to receive your Medicare benefits through a private, Medicare-approved insurance company. When you enroll in Medicare Advantage Plan, you don't have to pay Parts A, B, and D of Medicare but it is cheaper than Medicare plus Medigap. Additionally, you will enjoy Parts A, B, and D of the traditional Medicare policy.

What Are the Differences?

The differences between Medigap and Medicare Advantage Plan are in: Choice of Medical Facility and Doctors When you choose Medicare Advantage Plan, you are limited to doctors and facilities within the HMO or PPO. You risk not being covered when you are out of the network area. With Medigap, you can visit any doctor that accepts Medicare.

Cost Medigap comes with lower out-of-pocket expenses than Medicare Advantage Plans but higher monthly premium. On the other hand, Medicare Advantage covers a lot of services with a lower monthly premium.

Your Lifestyle If you want to travel a lot, then choosing Medicare Advantage Plan may not be a great choice since it limits you to a certain region. On the other hand, you can access health care anywhere from a facility that accepts Medicare if you are enrolled in Medigap Which is Better for Me: Medigap or Medicare Advantage Plan?

You will have to consider the differences above to figure out which one is the best for you. There is no one-cap-fits-all solution here. Every person's condition is different. A good way to know which options to choose between Medicare Advantage Plans and Medigap plans is to talk with an expert.