Medicare Advantage vs. Medigap: How to Choose?

Whether you’re just turning 65 now, or already enrolled in a plan, it’s important to review the differences to know whether a Medicare Advantage or Medigap plan may be a better option for you.
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Introduction

Like most seniors, you may be comparing Medicare Advantage (or Part C) plans versus Medigap (Medicare Supplement) plans.

This article will answer a common question – how to choose between Medicare Advantage and Medigap.

 

How do we compare Medicare Advantage plans to Medigap plans?

While Medicare Advantage and Medigap plans have are both sold by private insurance companies, they are fundamentally different:

  • Medicare Advantage plans are alternatives to Original Medicare. They must offer the same coverage as Part A (Hospitalization) and Part B (Medical) at a minimum, and many offer additional benefits.
  • Medigap plans fill in the ‘gaps’ of coverage, or out-of-pocket costs, not covered by Original Medicare.

You cannot have both Medicare Advantage and Medigap plans simultaneously. However, you can switch plans during designated enrollment periods.

Here’s how to choose between Medicare Advantage and Medigap.

Let’s now take a closer look at how they vary.

 

What are the differences between a Medicare Advantage and Medigap plans?

Is a Medigap better than a Medicare Advantage plan? The answer to this question depends on your specific circumstances.

Based on this list, is Medicare Supplement or Medicare Advantage a better option? Hopefully, this summary provides you with the information to decide.

 

How to choose between Medicare Advantage and Medigap?

Now that we have compared Medicare Advantage plans vs. Medigap insurance, some factors to consider are:

Hopefully the review of the above factors will help you to decide between a Medigap or Advantage plan.

Remember that your health and financial situation may change over time, which could impact which plan is best for you. So, the question ‘how to choose between Medicare Advantage and Medigap’ may need to be revisited annually.

 

Final Words

How to choose between Medicare Advantage and Medigap? Choosing a suitable plan depends on your health, finances, risk tolerance, and personal preferences.

The team at CoverRight can help you to review the differences between Medicare Advantage and Medigap plans as outlined in this article, and make sure you’re choosing a plan that works for your particular preferences. Reach out or book a call with a licensed CoverRight sales agent today.

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