With so many similar-sounding terms, the world of Medicare can be confusing. For example: What is the difference between Medicare Advantage and Medigap? Keep reading to discover the answer and learn more about Medicare.
What Is Medicare Advantage?
Medicare Advantage (also known as Medicare Part C), is a type of Medicare health plan offered by private insurance companies that provides additional benefits compared to Original Medicare.
These additional benefits may include prescription drug coverage, dental, vision, and hearing benefits, wellness programs, and more.
With a Medicare Advantage plan, members must use the plan’s network of healthcare providers, except in emergencies. However, some plans may offer out-of-network coverage at a cost.
What Is Medigap?
Medigap, also known as Medicare Supplement Insurance, is a type of private health insurance policy that is designed to help fill the gaps in coverage left by Original Medicare (Part A and Part B).
Medigap policies work alongside Original Medicare. They cover things like deductibles, coinsurance, and copayments that are not covered by Medicare. Medigap policies do not cover vision, dental, or hearing services.
There are several different types of Medigap policies, labeled with letters A through N. Each policy type provides a different set of benefits, so it is important to carefully review your options to determine which plan best meets your needs.
To be eligible for a Medigap policy, you must be enrolled in Original Medicare (Part A and Part B). It is important to note that you cannot use a Medigap policy if you have a Medicare Advantage plan.
Medicare Advantage vs Medigap
Medicare Advantage is an alternative to Original Medicare, offered by private insurance companies, and provides comprehensive coverage with additional benefits.
Medigap, on the other hand, works alongside Original Medicare and helps fill the gaps in coverage by paying some of the out-of-pocket costs.
It’s important to carefully evaluate your healthcare needs, budget, and preferences to determine which option is best suited for you. If you need assistance, contact us today — our team stands ready to help you make the right decision about your Medicare coverage.
Need Help Making Sense of Medicare Advantage? We Are Here To Help
We are an insurance agency dedicated to becoming a lifetime partner for your Medicare needs.If you need assistance or want to learn more about the alternatives at your disposal, contact our licensed agents today or call 1.888.225.MINT (6468). Our team stands ready to answer all your questions.