Regardless of the type of plan you are shopping for, My Medigap Plans can help you compare Aetna, Cigna, Florida Blue, Mutual of Omaha, and more. At My Medigap Plans, we have done all the hard work for you. If you are looking for a fast and easy way to compare the rates and benefits of different plans, select your state from the drop-down menu. Then, you can find out more about your options, answer health questions, and start looking for the right plan to fit your needs. You’ll find that getting quotes and starting the enrollment process will be a breeze. In no time, you will have the additional coverage you need to help take care of your medical-related expenses.
What are Medigap Plans?
If you have Original Medicare Part A and B, you know how expensive copays and deductibles can be. Even though Medicare covers various things, there are always uncovered medical expenses. Medicare supplemental plans help pay for those additional costs. These plans act as private insurance to cover areas not included in standard Medicare coverage.
What is the Difference Between Medicare Supplement & Medicare Advantage?
If you’re looking for supplemental insurance, you may have gathered that you have two choices: Medicare Advantage and Medicare Supplement. However, you might not be sure which is the best choice for you, so learning more about the differences between the two plans is essential.
Medicare Supplement Insurance
With a Medicare Supplement plan, you still maintain your original Medicare plan. However, you will have additional insurance coverage that covers extra deductibles, copayments, and other medical expenses. For example, Medicare might cover 80% of the costs, and your supplemental insurance plan might cover the 20% you would otherwise have to pay.
Medicare Advantage Insurance
When you choose a Medicare Advantage plan, you transition completely to private insurance. Although your private insurance company will still cover all of the ordinary things that Medicare covers, it also covers additional costs. This is similar to having original Medicare and an additional supplemental plan, but there are some key benefits to a Medicare Advantage plan that may include vision coverage, dental coverage, or even discounts on gym memberships.
Which Option is a Better Choice?
Both Medicare Supplement and Medicare Advantage insurance plans can be a great choice in the right situation. Consider a few of the pros and cons of each below.
- With Medicare Supplement Plan F or Medigap Plan G for example (both Supplement plans), you may visit nearly any doctor you would like; with Medicare Advantage, however, you will generally be restricted to a particular network.
- Medicare Supplement plan benefits remain consistent over time, though you may expect minor rate changes now and then. Medicare Advantage plan benefits and associated costs may change from year to year.
- Medicare Supplement plan coverage allows you to purchase additional plans to get all the coverage that you need. For example, you can invest in a Medicare Part D plan to help pay for your medication, and/or you can opt for other additional coverage for hearing, vision, or dental. Alternatively, you might find that Medicare Advantage is a more straightforward plan that covers everything under one policy.
Although the myriad of plans available can be complex, you can make the right decision by comparing the costs and benefits associated with each plan until you identify one that meets your particular needs.