$1* Buys $100,000
Globe Life Insurance
No Agent Will Visit—You Buy Direct
$2.17 for Children or Grandchildren
Medicare Part B Plus Medigap vs a Medicare Advantage Plan: Which is better?
If you’re a Senior with Medicare, Original Medicare alone might not be enough. If you’re in need of coverage beyond what Original Medicare offers, you generally have the option of getting a Medicare Advantage Plan or buying a Medicare Supplement Plan (also known as Medigap).
What’s the Difference between Medicare Advantage and Medigap?
First of all, you can’t have both. According to Medicare.gov, “Medigap policies can’t work with Medicare Advantage Plans” and “your Medigap policy can’t be used to pay your Medicare Advantage Plan copayments, deductibles, and premiums.”1
Both Medicare Advantage Plans and Medigap Plans are sold by private companies, but they operate differently.
According to Investopedia, with a Medicare Advantage Health Plan (Medicare Part C), “instead of paying for Parts A, B, and D, a person would enroll through a private insurance company that, in many cases, covers everything provided by Parts A, B, and D and may offer additional services,” and “the beneficiary would pay the Medicare Advantage premium along with the Part B premium in most cases.”2
Investopedia notes that Medicare Supplement Insurance/Medigap “protects people who buy traditional Medicare against many of the additional costs a patient might pay,” and “charges a premium in addition to what the person already pays for Medicare Parts A (many people get this free), B, and D.” Choices of Medigap Plans are currently A, B, C, D, F, G, K, L, M, and N (though effective January 1, 2020, Plans C, F, and the High Deductible Plan F will no longer be available to newly eligible Medicare enrollees and will be replaced with other options: Plans D, G, and High Deductible Plan G).
Medicare Advantage Plans are used in place of Original Medicare, while Medigap Plans are used in addition to Original Medicare.
What to Consider When Choosing between Medicare Advantage and Medigap?
According to Forbes, there are several factors to consider when deciding if a Medicare Advantage Plan or a Medigap Policy is best for you, including cost, provider choice, frequency of care, prescription drug coverage, additional coverage, and travel.3 When considering cost, Forbes notes that “Medicare Supplement Insurance plans may come with higher premiums than Medicare Advantage plans but can help pay for a range of out-of-pocket costs you could run into with Original Medicare,” and that for both Medicare Advantage Plans and Medigap Policies, cost varies by plan. Forbes also notes that Medigap Policies offer a wider range of doctors and healthcare providers; and that if you visit the doctor frequently, a Medigap Plan that covers more out-of-pocket costs may be beneficial (though you’d pay more up front in your premiums).
How Do I Decide between Medicare Advantage and Medigap?
What it all boils down to are your personal preferences, finances, and medical needs. Depending on your own situation, you need to decide if a Medicare Advantage Plan or a Medigap Policy is better for you. With so many options, you’re likely to find one that fits your needs.
If you have questions about Medicare, visit Medicare.gov. If you have questions about purchasing a Medicare Advantage Plan or a Medigap Policy, contact a licensed insurance agent to help you determine what is better suited to you.
2. Investopedia, Medigap vs. Medicare Advantage: What’s the Difference?, 2019, https://www.investopedia.com/articles/personal-finance/071014/medigap-vs-medicare-advantage-which-better.asp
3. Forbes, Medicare Advantage or Medigap: The Great Fork in the Road, 2018, https://www.forbes.com/sites/forbesfinancecouncil/2018/05/01/medicare-advantage-or-medigap-the-great-fork-in-the-road/#37e6dcda6b20
You might also be interested in...
- 4 Important Safety Measures For Seniors
- 5 Scams Seniors Should Watch Out For
- 5 Telltale Signs It’s Time To Stop Driving
- 6 Sports Seniors Can Enjoy
- 7 Ways To Feel Younger
- Aging In America
- The Best Low Maintenance Pets For Seniors
- Budget-Friendly Vacations with Perks for Seniors
- Can Eating Cherries Alleviate Arthritis?
- How To Choose A Medicare Supplement Plan
- Could You Live On Social Security?
- Does Your Elderly Loved One Need More Care than You Can Give
- Is Your Elderly Parent Feeling Lonely
- Five Health Tips for Men over 50
- Five Health Tips for Women over 50
- Five Tips for Helping Seniors Stay Active
- Helpful Tips for Adjusting to an Empty Nest
- Home Safety Checklist for Single Seniors
- Home Safety Tips for Seniors Living Alone
- How Seniors Can Improve Their Posture
- How Seniors Should Stock Their Kitchen
- How to Be a Good Husband in Retirement
- How to Change Your Life in 10 Days
- How to Do Container Gardening for Seniors
- How to Find Happiness in Your Senior Years
- How to Grow Easy Houseplants for Seniors
- How To Help Your Senior Parent Stay Mentally Healthy and Happy
- How to Simplify Housekeeping for Seniors
- How to Stay Looking Sharp for Senior Men
- The Importance Of Keeping Seniors Hydrated
- Is Chiropractic Care Safe For Seniors?
- Is Long-Term Care Insurance Necessary
- Patio Gardening For Seniors
- Preparing For Retirement
- Pros and Cons of Living in a Retirement Community
- How To Protect Seniors Against Identity Theft
- Senior Life Insurance Pays for Funeral Costs
- Senior Summer Safety
- How Seniors Benefit From Adopting Senior Pets
- How Seniors Can Decorate With Unique Framed Art
- Seniors & The Social Life
- Seven Power Foods for Seniors
- Tips for Seniors: How to Upgrade Your Bed for a Better Night's Sleep
- Tips For Seniors On Improving Your Immune System
- Tips for Seniors on How to Stock a Gift Drawer
- Top Travel Safety Tips for Seniors
- Understanding Medicare Part D Plans
- Reasons Why An Elderly Loved One May Not Be Eating
- Why Seniors Need The Flu And Pneumonia Vaccines
- You Won't Believe How Easily You Can Stall Aging
- How To Choose Low Income Housing For Seniors
- 8 Unique Gifts For Seniors
- Activities For Senior Citizens
- 7 Winter Safety Tips For Seniors
- 5 Questions To Ask When Considering A Continuing Care Retirement Community
- How Long Should You Wait To Claim Social Security
- Signs And Symptoms Of A UTI In Seniors
- How To Deal With The Emotions Of Retirement
- How To Help Seniors Fight Depression
- How Seniors Can Save More Money
- What Services To Expect From Assisted Living Centers
- How To Live A Long Life
- Top 3 Dental Risks For Seniors
- Choosing The Right Assisted Living Facility
- Different Ways To Ease Knee Pain
- Why Assisted Living Centers Allow Pets
- 4 Surprising Health Hazards You May Have In Your Home
- 5 Mental Exercises To Increase Happiness
- Why Seniors And Caregivers Need To Laugh More
- How To Reverse The Effects Of Arthritis
- 6 Exercises That Won’t Hurt Your Joints
- Driving Safety Tips For Seniors
- 4 Natural Ways To Combat Feeling Dizzy
- Senior Life Insurance is a Worthwhile Investment
- Tax Breaks Every Senior Should Know
- How To Make Money During Retirement
- 5 Phone Scams Targeting Seniors Now
- How Technology Can Keep Seniors Safe
- How To Not Go Wrong When Choosing A Nursing Home
- Disaster Checklist For Seniors
- How Visiting Seniors Often Can Keep Them Healthier
- How To Make A Senior’s Day
- Internet Safety Tips Every Senior Should Know
- 5 Ways To Strengthen Aging Bones And Muscles
- How Senior Yoga Can Be A Lifesaver
- Live Longer By Volunteering
- Managing Pain For Seniors
- 6 Everyday Ways For Seniors To Stay Active
- Bad Habits That Make You Age Faster
- Fall Prevention For Seniors
- 6 Ways For Seniors To Budget For Life Insurance
- Summertime Resources For Seniors & Caregivers
- 5 Simple Ways Seniors Can Get Free Help
- Navigating Ride Programs for Seniors
- What’s Preventing You from Receiving Medicare Supplemental Insurance?
- Can You Outlive Your Life Insurance?
- Medicare Part B Plus Medigap vs a Medicare Advantage Plan: Which is better?
- 3 Things to Know about Senior Life Insurance
- Do Medicare Supplement Plans Cover Pre-existing Conditions
- What is Final Expense Insurance and Who Should Buy It?
- Does Medicare Pay for Prescriptions?