A Medicare plan can be a retiree’s best friend since the private insurance can cost you tons of money. Making the right decision about your Medicare can be a daunting task with all the information out there. Among the many decisions that confuse people, the most common one is whether to stick with the original Medicare plus Medigap or opt for Medicare advantage plan. Read further to find that out.
The original Medicare (Medicare Part A and Part B) covers hospital visits and other medical services. The only problem is, it does not cover all the medical expenses. That’s where you need Medigap i.e. the medical supplement plan. It covers the expenses that the original Medicare does not cover.
Benefits of a Medicare supplement plan
Have a look at the pros of having a Medicare supplement plan:
- You will have a variety of physicians to choose from. It works for any doctor who accepts a Medicare.
- There is no need to get a referral for seeing a specialist. You don’t even have to choose a primary care physician.
- Medigap has 10 types and they are the same across all states of the USA. So, that makes it simpler to figure out which plan is going to be the best option for you.
- As compared to the Medicare Advantage Plan, there is very less paperwork involved in Medigap. The program sends a check to the facility or doctor and you don’t have to get involved. Medicare advantage, on the other hand, requires you to make co-pays to the provider directly.
- You won’t have to pay a lot of money from your pocket if you have Medigap.
Benefits of Medicare Advantage can be found at https://www.medicareadvantage2019.org
Medigap is not the best option for all. That’s why some people find Medicare Advantage more useful. Have a look at its benefits and you will understand why:
- The premium for Medicare Advantage is usually lower than that of a Medicare Supplement Plan.
- Medicare advantage also includes drug coverage options. That’s never included in Medigap. In fact, if you want to cover the cost of prescriptions, then you will need Medicare Part D.
- It’s not easy to sign up for Medigap. You must be enrolled within 6 months of signing up for Medicare Part B if you are at least 65 years old. You can be turned down for the Medigap coverage even after the initial enrollment period due to some pre-existing conditions. Medicare Advantage Plans have an open enrollment period. You can move between plans freely.
If you are someone which significant health problems, you are better off with Medigap. Although premium is higher, the out-of-pocket expenses are lower. But if you have a good health and you want to save money on the premium, then go ahead choose, the Medicare Advantage Plan.