Switching from Medicare Advantage to a Medigap Plan

If you have Medicare Advantage, you know there can be many limitations. There can be many advantages to switching to a Medigap plan. By learning a bit more about this insurance coverage, you’ll better be able to determine if you should make the switch to Medigap.

Comparing Medigap and Medicare Advantage

Medigap is a bit different than Medicare Advantage. You’ll still need your basic plan. Medigap is basically extra help insurance that will cover the extra costs that are not covered by your original Medicare.

Medigap is sold by private insurance companies. The meaning of its name covers what it does, “covering gaps in your regular insurance plan”. Let’s cover some comparisons between the two types of insurances so you have a better understanding if you need Medigap.

Many Americans are facing escalating medical costs and have discovered that Medicare only covers some of them. Medigap covers the costs that aren’t covered by your other plan. Just some of the costs that Medigap covers include co-payments, deductibles, and healthcare coverage outside the USA.

What Medigap Doesn't Cover

What doesn’t the Medigap insurance plan cover? They don’t cover long-term care, so that will need to be covered by your regular insurance provider, which is Medicare, in this instance.  Medigap also doesn’t cover dental care or vision care, or the related costs, such as eyeglasses, nor hearing aids. You also won’t get private duty nursing. Almost none of the Medigap insurance plans cover prescription drugs.

In order to sign up for Medigap, you will pay a monthly premium for one of the Medigap insurance plans.  Policies are only available to people who already have Medicare Part A or related type, which covers hospital services. Other plans may cover people who have Medicare Part B or similar. This covers doctor services.

Choose One Plan- Not Both

For people who have a Medicare Advantage Plan, they will not qualify for a Medigap plan at all. This means that you are going to have to decide which plan is right for you. In fact, it can be illegal for an insurance company to sell you both plans together.

Medigap will generally run at a higher monthly premium, but overall, your out-of-pocket expenses will be decreased, particularly if you have a disease or condition that requires extra clinic visits.  Medicare Advantage plan can be more affordable.  It can also cover more services. If you’re on a tight budget, this may be the plan for you, particularly if you’re pretty healthy.

You should also know that while regular Medicare and Medigap allow you to visit any facility that accepts these providers, with Medicare Advantage, you are limited to specific doctors or facilities within the plan. This type of plan doesn’t cover out-of-network care at all. This may be an issue if you live in the suburbs and aren’t near participating providers.

If you need assistance in deciding if you should switch from Medicare Advantage to Medigap, or with choosing the right Medigap plan to complement your Medicare, please contact us today.

Learn more about Medigap plans and rates at http://emedigap-plans.com.  Medigap Insurance brokers will help you compare Medigap Insurance rates and plans.  To talk to an expert in Medigap coverage call toll free 888-452-7949!