Although it may seem a bit confusing, the good news for seniors is that there are more health insurance options than ever before. In addition to the Medicare original, you can choose from many Medicare Advantage programs. But which is right for you? Original Medicare vs. Medicare Advantage? We try to understand both things first. Original Medicare consists of two parts: Part A, Hospital Insurance and Part B, and Medical Insurance. They can work together, but they do not overlap. Supplementary insurance policies that cover direct payments and other deficiencies of the original Medicare coverage. Often this leads to the choice of either Medicare Advantage or Medicare Supplement.
86% of all Medicare beneficiaries receive additional coverage. There are two main types of supplementary insurance. A widely available model for proven Medicare beneficiaries is the Medicare Supplement, also known as Medigap. A new and more flexible option known as Medicare Advantage (also known as Medicare Part C) is becoming more popular. You have to decide, what is right for you?
A Comparison between Medicare Advantage and Medigap plans
Medicare Part C and the Medigap Plan complement the Medicare coverage in a variety of ways.
Medicare Part C (Medicare Advantage) The plan works better than traditional health insurance like traditional health insurance. They are also managed by private companies and can make their own premiums, deductions, co-payments and referral systems to doctors. At a minimum, Part C plans must cover everything Medicare Part A & B does. Subscribing to Part C replaces Part A and Part B coverage.
Medicare Supplement (Medigap) The plan is provided by a private insurance company, but government regulations and benefits are governed by the government. This plan pays more for Medicare bills but does not replace Medicare.
Medigap or Medicare Advantage: 5 Factors to Consider
- Cost is a major concern
Medigap: The average cost of Medicare Plan F is the most expensive and most common Medicare Supplement Plan, which accounts for more than 50% of Medicare Supplement Plan members, at $ 236 per month.
Medicare Advantage: The average cost of a Medicare Advantage plan is $ 65 per month and you can enroll in the Medicare Advantage plan without a monthly premium. Part C plans are responsible for royalties and deductions as you do for traditional insurance, and medical expenses are paid according to the specific rules of your plan.
2) Benefits and Coverage
Medicare Advantage: Medicare Advantage plans are covered by a small pseudo-network. Some plans in Part C allow you to choose a doctor who accepts the plan’s payment rate, and some provide a network of doctors.
Medigap: By contrast, Medigap plans do not include additional bells and whistles. Medicare Supplement insurance companies focus on paying for excessive health care costs and cannot add additional services to the insurance.
3) Prescription Drug Coverage
Medicare Benefits: Most Medicare Advantage planners do not include the cost of prescription drugs in the maximum amount, but they include Part D drug benefits in the plan.
Medigap: If you have a Medicare Supplement Program and you need Part D drug coverage, Part D insurance must be purchased separately.
4) Comfort of Use
You should consider the number of invoices available at the end of each month.
Medigap: Medigap plans work well with doctors taking Medicare. You must present your Medicare Supplement and Original Medicare card to your doctor.
Medicare Advantage: The Medicare Advantage plan requires you to investigate whether your doctor is insured. This plan also gives more responsibility for direct cost adjustments. Part C plans can consolidate medical problems into fewer bills. Some plans allow you to see all sorts of doctors who use a single card.
5) Long-standing Attention
If you are planning to enter an assisted living or retirement home, it may be difficult to get help for long-term care.
Advantages of Medicare: Some Medicare Advantage plans provide discounts to these communities for coverage.
Medigap: The Medigap Plan does not cover this benefit.
The best way to determine the plan that is the right one for you is to sit down with a professional Medicare Advisor and weigh your options.