If you choose a Medicare Advantage plan, you select one of many available plans, and the Advantage plan becomes your insurer. The plan sets the rates, determines copays, and chooses doctors in the network. Most Advantage plans have built-in drug plans.
If you have an Advantage plan, you are ineligible for a Medigap plan. For some of Medicare age, however, the Medigap plan may be more beneficial.
Medigap plans are known as Medicare Supplement Insurance. When you choose Medicare A and Medicare B as your primary health insurance, the Medigap plan covers the gap between what Medicare pays and what you are responsible for paying.
With a Medigap plan, if Medicare approves a procedure, Medigap pays the difference. With an Advantage plan, your doctor in the Advantage network manages your care subject to the insurer agreeing to the procedure. With Medigap, if your doctor accepts Medicare, they also accept your Medigap plan. If your health conditions require a higher level of care, a Medigap plan may be your best alternative. Choosing the best Medigap plan depends on your current medical conditions, where you are located, and how much you want to pay.
Medicare and Medigap do not offer prescription plans, so if you purchase a Medigap plan rather than an Advantage plan, you should purchase a stand-alone prescription plan as well.
Selecting a plan is one of the most important health decisions you will make. Don’t go it alone. An experienced agent can help you determine which plan best suits your needs.