Medigap and Medicare Advantage are two different types of insurance plans that work in conjunction with Medicare to provide additional coverage for healthcare expenses. Here's a breakdown of each plan:

Medigap (Medicare Supplement Insurance): Medigap plans, also known as Medicare Supplement Insurance, are private insurance policies designed to fill the gaps in coverage left by Original Medicare (Part A and Part B). These plans are sold by private insurance companies and work alongside your Medicare coverage. Medigap policies help pay for certain out-of-pocket costs, such as deductibles, copayments, and coinsurance that you would typically pay with Original Medicare.

Key features of Medigap plans include:

• Coverage: Medigap plans are standardized, meaning they offer the same basic benefits regardless of the insurance company you choose. However, there are different plan types (labeled A, B, C, D, F, G, K, L, M, and N) with varying levels of coverage.

• Cost: You pay a monthly premium to the insurance company for your Medigap policy in addition to your Medicare Part B premium. However, Medigap plans generally have higher monthly premiums compared to Medicare Advantage plans.

• Network: Medigap plans don't typically have provider networks, which means you can see any healthcare provider that accepts Medicare.

• Flexibility: Medigap plans offer greater flexibility in terms of choosing doctors and hospitals since they don't have network restrictions. You don't need referrals to see specialists.

Medicare Advantage (Part C): Medicare Advantage plans are comprehensive health plans offered by private insurance companies that provide an alternative to Original Medicare. These plans combine the benefits of Medicare Part A (hospital insurance) and Part B (medical insurance) and often include additional coverage, such as prescription drugs (Part D), dental, vision, and hearing services.

Key features of Medicare Advantage plans include:

• Coverage: Medicare Advantage plans must cover at least the same benefits as Original Medicare, but they can offer additional benefits. Each plan can have different costs and coverage rules, so it's important to review the specific plan details.

• Cost: Medicare Advantage plans typically have lower monthly premiums compared to Medigap plans, but they may have copayments, coinsurance, and deductibles for the services you use.

• Network: Medicare Advantage plans usually have provider networks, and you may need to use in-network providers to receive full coverage. Some plans offer out-of-network coverage, but it may be subject to higher costs.

• Additional coverage: Medicare Advantage plans often include prescription drug coverage (Part D) and may offer additional benefits like dental, vision, and hearing services. Some plans may require you to use their network of providers for these additional benefits.

In summary, Medigap plans work alongside Original Medicare to cover certain out-of-pocket costs, while Medicare Advantage plans replace Original Medicare and often provide additional coverage. The choice between Medigap and Medicare Advantage depends on your specific needs, preferences, and budget. It's important to compare plan options and assess your healthcare requirements to make an informed decision.

At Care For Healthcare, we can help you with your options. Not only do we help you during enrollment, but we are here year after year to help you review your coverage. We Care for Healthcare!