Because there are so many different kinds of Medicare plans for seniors to pick from, there can be some confusion about which one they should enroll in.
The similarities among the plans can make it tough for seniors to pick the most appropriate health insurance plan for their needs.
We want to clear up some of the confusion and answer a single question as thoroughly as possible: Is it better to have Medicare Advantage or Medigap?
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These are two different kinds of healthcare plans that seniors could enroll in at age 65, and while they share some similarities, they are also very different in some key ways, so we will discuss all of that and hopefully help you understand these two plans better.
You should be empowered to decide on a plan that you feel good about, so keep on reading to find out more about these coverage options.
Medicare Supplement Plans
Supplemental insurance plans also go by the name Medigap plans. These can range from high to low coverage plans, and you can choose from a list of them to pick the one that fits your needs best.
Medicare Supplements are available to people who are 65 or older, and they need to have a valid Original Medicare plan in order to enroll in one of these and get coverage from it.
Supplement plans have not been designed to stand on their own, so you will definitely need that Original Medicare plan as base coverage.
The Supplement plan simply adds to that, giving you more powerful coverage and better peace of mind.
With more coverage, you won’t have to worry as much about how much it costs to go to the doctor’s office, visit the emergency room or stay at the hospital.
Many of the essential medical services you need can be covered by these plans, as can less common medical services that may be applicable to you.
Medicare Supplements will conflict with some kinds of healthcare plans, such as Medicare Advantage, and most kinds of employer and union healthcare plans.
Supplement plans can cover you for expenses that relate to Original Medicare but are not covered by the Medicare plan. For instance, Original Medicare will cover you for Medicare Part B services but ask you to pay for excess charges and the per-visit copayment.
Medicare Supplements can take care of those expenses for you, leaving you fewer costs to pay out of pocket. They can help you lower your overall healthcare costs for the year.
Medigap Plans – Which are Best?
There are 10 Medigap plans that you can pick from. Some offer lots of coverage for you and others offer just a bit of coverage. We want to tell you about the top-selling Medigap plans, and you can decide for yourself if one of them might be right for you.
These are all high coverage plans, you should know, so if you don’t need much coverage, you will want to look at your other choices before making a decision about Medigap plans.
Plan F is a major seller and was actually the highest-selling Medigap plan for a while.
It offers complete coverage of all supplementary benefits, which would be all the medical expenses related to Medicare but not covered by it.
That would be deductibles for Medicare parts A and B, copayments for Medicare Parts A and B, Coinsurance on nursing care and hospice care, Part B excess charges, foreign travel exchange, and three pints of blood for the year.
There is an issue with Plan F, though. It has been delisted, and that means that it will not be offered to anyone who enrolled in Medicare after 2020.
That also means that it is the most expensive Medigap plan by far.
Medicare Plan G – A better option
Medigap Plan G is less expensive and more popular. It covers nearly all the same medical expenses for you, though. Plan G will take care of the cost of coinsurance for hospice care and nursing care.
It also covers the foreign travel exchange costs, blood usage, all of your copayments, and the Medicare Part A deductible. Plan G is sold by all insurance companies that sell Medigap plans, making it widely available.
Be sure you compare prices on this plan so that you don’t overpay for it, since coverage is guaranteed for all Medigap plans.
Every insurance company sells these plans with the same benefits.
Plan N is worth telling you about as well. Even though it offers less coverage than either of the other two plans we told you about, it is much cheaper, in most cases, and it still offers some decent coverage.
It will take care of the cost of hospice coinsurance, nursing coinsurance, some of Medicare Part B’s copayments, all Part A copays, and deductibles, and three pints of blood for the year. It also covers the cost of foreign travel exchange.
Many consumers believe Plan N to be the most economical choice out of all the Medigap plans because of its low cost and high coverage.
Click below to learn more about Plan G!
Medicare Supplement Plans Comparison Chart 2021
Please use the comparison chart provided to compare different Medigap plans. This tells you what they offer and how their coverage compares to one another.
You can use our site to source quotes for these and compare them by price as well. You’ll also want to compare the different insurance companies that offer these.
Some companies charge more than others, and some companies give you great member perks or other benefits that make them a better choice than their competition for one reason or another.
Our comparison chart will detail the differences among the various Medicare Supplements. You can see how their coverage differs so that you can find one that is a good fit for you.
Medicare Supplements can give you exceptional coverage that fits you very well, but you’ll have to sort through the available plans to find what you are looking for. If you need help and if you have any questions, be sure to get in contact with us.
We would be happy to help you out.
We also want to tell you about Medicare Advantage. If you are not sure about how this differs from Medigap, then this information should be a big help to you. Is it better to have Medicare Advantage or Medigap?
The answer really depends on what your situation is like and which one of those plans fits that situation better.
Medicare Advantage differs from Medigap in that it can vary in coverage from one plan not the next.
While all Medicare Advantage plans share the same base coverage, many of them have added coverage as well. They are guaranteed to have the same base coverage, but the additional coverage can help with a variety of medical expenses.
That differs dramatically from Medicare Supplements which are sold as individual plans, all with predetermined coverage decided upon by Medicare.
Both kinds of plans are sold by private insurance companies, but while Medicare Supplements are accepted everywhere that Medicare is, Advantage plans are only fully accepted where the insurance company has a network.
You can go outside that network and get some coverage, but only if you have chosen an option for your Advantage plan that allows for that. The standard Advantage plans only cover you on your insurer’s network, and this option is called an HMO.
It is very inexpensive, which is why it is the standard plan because most people want to spend as little money as possible on their health insurance. If you are willing to spend a bit more or if you have no choice about which whether you will get coverage where you live, then you should consider a PPO option for your Advantage plan.
This covers you fully on the network and then partly outside of the network.
Advantage plans can cover some different healthcare costs than Medigap plans would. They cover prescription drugs, emergency services, checkups, and a lot of Medicare parts A and B. They overlap slightly with Medigap plans, making the two of these incompatible.
Medicare Part C – Types of Plans
What kinds of Medicare Advantage plans are available? You have the basic plan which can go by all sorts of different names.
It may be called Medicare Advantage Basic or something like that, but you will want to look closely at what expenses it covers for you. the basic plan is going to provide you with benefits that cover almost all of Medicare Part A services, taking care of all but the Part A hospice care.
They also cover all Part B outpatient services, the emergency medical care that you need, and all urgent care.
You could opt for a more powerful Advantage plan, though, like a Medicare Part D Advantage plan. This will cover you for all the basics we just told you about as well as for the cost of a Medicare Part D drug plan.
This takes care of tons of medications for you, leaving you to pay small copayment fees instead of having to pay for the entire cost of your drugs.
There are Advantage plans that cover checkups too. These all cover the basic benefits, but they also include coverage for the cost of routine checkups with your optometrist, hearing doctor, dentist, and general practitioner.
Some insurance companies will add on benefits to these, giving you gym access, coverage for massages and chiropractor care, coverage for more dental services, and much more. You will want to compare their coverage plans to find out which one offers you the best benefits at the best price.
Medicare Advantage Plans
Advantage plans are sold by private insurance companies all across the United States. We have told you about a few varieties of these plans, but each insurance company puts its own spin on Medicare Advantage.
Some insurers have a lot more to offer than others, but the prices are going to be way different from one insurer to the next, many times. You will want to weigh all of these factors as you try to sort through your choices and make the right decision.
Here are a few Medicare Advantage plans to consider:
Humana Medicare Advantage–
Humana offers a few different kinds of Advantage plans, all with low, affordable prices. You can see their rates when you search on our site for quotes.
You can also find out more about Humana, and when you look them up, you will see that they have a great customer service reputation, which can be important for those who want reliable coverage from a trusted provider.
Humana has a great online service that lets you access your plan information at any time and get help from Humana customer service whenever you like.
Aetna Medicare Advantage–
Aetna has some of the best prices, and our site will tell you how they compare to other options. Aetna has some excellent healthy living programs that keep you active and give you plans for exercising and dieting.
Plus, they have a very good selection of Medicare Advantage plans for you to pick from.
AARP Medicare Advantage–
There are two key reasons to choose AARP rather than some of the other options. The first is that they have a ton of resources that provide perks that are geared toward seniors.
They can offer you more benefits than most insurance companies can because of this. Secondly, AARP has a very large network, which means affordable Advantage plan coverage is available in more places.
Which Is Better?
Let’s come back to the question we posed throughout this article of is it better to have Medicare Advantage or Medigap.
The answer isn’t as simple as you might like it to be. We do want to reiterate that your situation determines which plan is most beneficial and cost-effective. You can use our site to see which one you can afford better and compare these two options.
If you need help and you need some advice, then please contact us and allow us to answer some of your questions. Picking between these two plan types, though, is something you will have to do for yourself.
Call today for help!