Compare Medigap Plans vs. Medicare Advantage Plans


Medicare only covers about 80% of your healthcare expenses after retirement.  There are essentially two different options available for insurance coverage once you become eligible for Medicare Part A and Part B.  Original Medicare or a However, Medicare Advantage plan. 

Medicare Supplements

Medicare Supplements is insurance that supplements your Original Medicare coverage. Original Medicare covers 80% of approved costs, and a supplement plan helps cover the remaining costs. Having a Supplement plan can be beneficial for those who have any sudden medical changes and need more care, or any medical conditions that might require extra attention. The supplement insurance helps protect individuals from the gaps in Original Medicare. 

Medicare supplements or Medigap policies offer ten different plans, ranging from A-N. The ten plans available are federally mandated, meaning that the plans available have to offer the same coverage no matter what companies sell them. Each Supplement plan offers a variety of benefits that suit your health care needs and wants. 

Medicare Advantage

The only similarity of the Medicare Advantage plan is that it must cover the same benefits as the Original Medicare. With Medicare Advantage plans, you sell your Original Medicare to a private insurance company and pay the Part B deductible even off Original Medicare. The Medicare Advantage plan can offer benefits such as prescription drug coverage, dental, vision, and hearing. With those benefits, you may be required to see doctors in their network. If you travel outside of the network area and have an emergency, Medicare Advantage insurance may not cover any emergency visits. 

In a Medicare Advantage Plan, it may be difficult to disenroll from the plan if you are not satisfied with the coverage, networks, and the designated doctors. To disenroll from the Advantage plan, you more than likely will have to wait until the Open Enrollment Period for Medicare Advantage, from October 15 to December 7. 

It is important to compare all available options between Medicare Supplements and Medicare Advantage Plans to determine what coverage is the best fit for you. Our advisors here at Senior Market Solutions can answer any of your questions and help guide you through your health coverage.

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