Medicare

Advantage Plans

Medigap

An advantage plan, also known as a Medicare Advantage Plan (or Part C), is a health insurance option for people eligible for Medicare. Here's a breakdown of how it works:

Offered by private companies approved by Medicare.
Bundles the benefits of Medicare Part A (hospital insurance) and Part B (medical insurance).
Often includes Part D prescription drug coverage as well.
There are some trade-offs to consider with Advantage Plans:

Networks: You typically need to use doctors and hospitals within the plan's network.
Approvals: Some plans require pre-approval for certain services or medications.
Costs: Plans may have premiums, deductibles, and copayments that differ from Original Medicare.

Here are some resources to learn more about Advantage Plans:

SELF ENROLL IN A MEDICARE ADVANTAGE PLAN!

A Medigap plan, also called Medicare Supplement Insurance, is an insurance policy designed to work alongside Original Medicare (Parts A & B) to help you pay for out-of-pocket healthcare costs. Here's a breakdown of how it works:

Works with Original Medicare: You must be enrolled in both Medicare Part A (hospital insurance) and Part B (medical insurance) to qualify for a Medigap plan.
Fills the Gaps: Original Medicare covers a large portion of your medical expenses, but there are still costs you're responsible for, like deductibles, coinsurance, and copays. Medigap plans help bridge this gap by paying for some or all of those out-of-pocket expenses. For example, Medicare Part B pays 80% of a doctor's visit. Medigap Plan G pays the additional 20%, leaving you with $0.00 additional cost. There is an annual deductible for Medicare, Part B before the Medigap plan begins to pay.
Sold by Private Companies: Medigap plans are not part of Original Medicare and are offered by private insurance companies that are licensed by Medicare

Benefits of a Medigap Plan:

Predictable Costs: By covering your out-of-pocket expenses, Medigap plans can help you avoid unexpected medical bills.
More Coverage Options: There are different Medigap plans available (standardized plans with letters A-N) that offer varying levels of coverage. You can choose a plan that best suits your healthcare needs and budget
There is no network for Medigap plans, however, your provider or facility must accept Medicare.

Things to Consider:

Additional Cost: Medigap plans have monthly premiums that you'll need to pay on top of your Medicare Part B premium
In addition, you will have a small premium for a prescription drug plan.

Here are some resources for learning more about Medigap plans: