Medicare Advantage or Medicare Supplement?
We are often asked “Which is better Medicare Advantage or Medicare Supplement Insurance?” Of course it depends on each individual and Medicare Advantage plans are very good for some people.
In general a Medicare Supplement Insurance (a.k.a. Medigap) plan offers more freedom to see the doctors of your choice with fewer if any out of pocket cost in the event of a Medical necessity.
Medicare Advantage on the other hand will likely provide lower premiums for those individuals for which monthly premium is the primary concern. Remember lower monthly premiums generally means less coverage/moreco-pays. Some drawbacks of Medicare advantage are:
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Required to use a network of doctors, hospital and other providers, (Like an HMO)
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Co-pays, coinsurance for doctors visits and other medical services. (These can be substantial - especially over time and in the event of serious illness)
If all or some of these fit your situation then Maybe Medicare Advantage is the right choice for you.
Compare Medicare Advantage and Medicare Supplement
If you were to put in order the options from least to most comprehensive in term of providing the best health care insurance coverage the basic “Medicare Advantage” plan is a better starting point for most people then just having Original Medicare with little or no additional cost. This will in most cases provide a better distribution of benefits and typically include the Part D which one would have to purchase as a stand alone plan if one choose to just have Original Medicare.
The next level up (Lower co-pays and deductibles) would be an enhanced or Premier “Medicare Advantage” plan, or one that allows out of network use - like a PPO. This will have a higher premium, but presumably lower deductibles, co-pays, asnd greater fredomm to see medical providers. Be careful, by the time you compare the cost of a PPO or enhanced Medicare Advantage you may be better off with a Medigap. Especially Medigap plan N!
Finally, the highest degree of protection (and, of course, the highest premium) is a Medicare Supplemental Insurance plan, also called “Medigap”. These plans can vary significantly in premium. For those on a tigher budget talk to one of our advisors about Medicare Supplement plan N. For those who want no worries about co-pays for doctors or annual deductible then the best choice would be Medicare Supplement Plan F or C.
With 12 Medicare Supplement choices and many, many Medicare Advantage choices, proper selection means a little more work. Fortunately, we have done that work for you, and can help you select the plan that’s best for your needs. For quotes and assistance fill out the request here.
Here's a brief summary of the basic differences between Medigap and Medicare Advantage:
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Medicare Advantage plans replace Original Medicare, Part A and Part B, while Medigap plans add onto your Original Medicare coverage.
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Benefits and coverage under the 10 standardized Medigap plans are the same in the 47 states that offer them. Medicare Advantage plans offer coverage that varies according to each plan or organization and location.
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Most Medicare Advantage plans include prescription drug coverage. Medigap doesn't offer drug coverage, so you'll have to enroll in a separate prescription drug plan if you need this coverage.
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Remember that if you are enrolled in a Medicare Advantage plan, you cannot enroll in a Medigap plan. The two plans don't work together.
Determining which plan fits your individual health needs, means starting by researching the numerous Medicare Supplement Insurance and Medicare Advantage plans available in your area. Fortunatly the Senior Advisors Group has all of the data and has researched plans from every top insurance plan provider.
Our highly trained Medicare Insurance Advisors can assist you if finding the plan that fits your individual needs.
Connect with any of our Licensed Insurance Agents to answer your Medicare questions or discuss a Medicare plan that is right for you.
