Medicare Advantage vs. Medigap: A Quick Comparison

Medicare Advantage and Medigap are both options for people with Medicare, but they offer different ways to supplement your coverage. Here's a brief overview:

Medicare Advantage

• What it is: A type of health plan offered by private insurance companies.

• How it works: Replaces Original Medicare (Parts A and B) and often includes prescription drug coverage (Part D).

• Key features:

  • May offer additional benefits like dental, vision, or hearing.

  • Often has a network of providers.

  • May have different out of pocket costs then original Medicare.

  • You may also have a premium.

  • Some plans may offer an extra benefit that covers emergency and urgent care services when travelling outside the country.

Medigap

• What it is: A supplemental insurance policy that helps pay for gaps in Original Medicare coverage.

• How it works: Works with Original Medicare.

• Key features:

  • Covers deductibles, copayments, and coinsurance.

  • Allows you to see any doctor who accepts Medicare.

  • Has standardized plans (A, B, C, D, etc.)

Which is right for you? The best choice depends on your individual needs and preferences. Consider factors like:

• Your health: If you have chronic conditions or need specialized care, a Medicare Advantage plan with a network of providers may be more suitable.

• Your lifestyle: If you travel frequently or want to see any doctor who accepts Medicare, Medigap might be a better option.

• Your budget: Compare premiums, deductibles, and out-of-pocket costs for both options.