Medigap vs. Medicare Advantage: What’s the Difference?

Medicare Parts A and B offer retirees good basic coverage of their health costs, but they only pay 80 percent of costs for doctors and hospitals.

During this time, the individual should cover the rest of the bill, but this amount can be huge if you are facing a serious health problem while the Regular Medicare does not cover prescription drugs, hearing aids, eyeglasses, and dental care.

For those hoping to fill these gaps, there are two options, as you can either purchase Medigap supplemental insurance policies or Medicare Advantage plans.

Medigap vs. Medicare Advantage: What’s the Difference?

First of all, individuals are not allowed to have both Medigap and Medicare Advantage coverage, but you switch between those plans.

While Medigap allows you to use any hospital or doctor that accepts Medicare, if you choose the former, you are required to use doctors from the plan’s network.

Meanwhile, Medicare Advantage plans might include coverage for prescription drugs, but Medicap coverage does not, as you must purchase separate coverage for Medicare Part D prescription drugs.

With Medigap, you can skip the visit to your family doctor in case you want to see a specialist, but Medicare Advantage requires you to get a referral before your visit to the specialist.

Starting in 2021, Medicare Advantage could cost you an average of $ 21 per month on top of your Medicare Part B plan, while Medicap’s average cost is set at $ 175 per month, covering an average of $ 1,600 in personal expenses per month. month. year.

Medigap vs. Medicare Advantage: Which One to Choose?

The best advice we can give you is to speak with a licensed insurance agent to explain the pros and cons of both plans depending on your condition.

Typically, people who have serious health conditions requiring expensive treatment can choose coverage from Medigap plans, and those who are healthy and do not have high health care costs could opt for the Medicare benefit at low cost. budget.

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