Medigap vs Medicare Advantage: Which is the Better Option?
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The first thing that we need to do, in order to look at Medigap vs. Medicare Advantage plans is to clarify what each of the are in details. In this article, we will try to give you all of the information you need to know in order to choose the right Medicare insurance plan for you. Some say that the current 2013 Medicare advantage plans are really good, while some say that the supplemental type is still better. Let’s try to differentiate both first, and leave every one of you reading this post, decide for yourself.
What Is Medigap?
A Medigap plan is a supplemental insurance policy that people who people can purchase to close the GAP about the expenses that are not covered by their original Medicare plan.
What Is A Medicare Advantage Plan?
A Medicare Advantage plan, is one in which people who are eligible for Medicare get their insurance from a private insurance company, and have the government cover the premiums for them.
The Medigap and the Medicare Advantage Plan have some similarities, but there are also a few differences, which makes them two unique plans. The similarities and differences create confusion, and that is the reason why we are going to tackle the different information explaining the differences of Medicare supplement vs. Medicare advantage.
The biggest advantage that the Medigap offers is that it will provide you with the best and possible coverage for your health. You will get all the benefits that Medicare normally pays for, plus any that are covered by the additional insurance that you buy. In most cases, with Medigap, you are able to see a doctor that you prefer, which makes this plan the most favorable to the majority. However, the major downside of course, is that you have to pay for this additional coverage out of your own pocket.
The advantage of the Medicare advantage plans on the other hand, is that the reduce amount that you have to pay or shoulder. In most cases, the 2013 Medicare premiums for the advantage plan are set to equal the amount that the government will contribute.
One benefit of the Advantage plans have, over Medicare, is that the plans can offer different coverage types. What this mean is that you can get coverage that is more suitable to your needs, which for many people, will obviate the need for Medigap coverage.
Ultimately, in the debate of Medicare supplement vs Medicare advantage as the best option will highly depend on your needs. This just means that you are going to have to look at things like your health or your current health condition in particular. You will also have to consider your finances. However, if money is not an issue here, then Medicare plus Medigap usually does provide the best coverage. But for those who are in a tight budget, the Medicare advantage plans are still the best in providing you with the most benefits that you need for your health, without having to spend too much.
Bottom line, before you go ahead and decide on which is the most appropriate Medicare insurance plan for you; Medigap or MA, you need to know first the coverage that you are getting from each, so you can weigh everything, and get to a proper conclusion. Actually, when we talk about the question of what is the better plan between “Medicare supplement vs. Medicare advantage”; the answer lies on you, because you are the only person who knows your actual health needs, and the budget that you have for your insurance plan likewise.