Medigap or Medicare Advantage — Which Coverage Is Right for You? Insights from a Supplemental Insurance Provider in Munster, Indiana

As we get older, choosing the right health insurance becomes more and more important. If you are over the age of 65 or have certain disabilities, you are probably familiar with Original Medicare, which includes Parts A and B (hospital and medical insurance). However, there is more to understand about health insurance, particularly when it comes to the options beyond Original Medicare — such as Medigap and Medicare Advantage plans.

Need some help determining which type of coverage is right for you? This supplemental insurance provider in Munster, Indiana will review them below.

Original Medicare and Its Coverage Types

Original Medicare is the basic health care coverage provided by the government for seniors and some disabled individuals. But it does not cover everything. Medigap and Medicare Advantage plans offer ways to fill in these coverage gaps.

Medigap Is a Supplement to Original Medicare

A Medigap plan is essentially an add-on to your Original Medicare. Its main job is to pay for out-of-pocket costs that Original Medicare does not cover, like copayments, deductibles, and coinsurance.

Medicare Advantage is an Alternative to Original Medicare

Medicare Advantage plans (Medicare Part C) differ slightly from Medigap plans. These plans cover everything that Original Medicare does, but they often include added benefits like dental, vision, and hearing care, and sometimes even prescription drug coverage.

Comparing Medigap and Medicare Advantage

Freedom of Choice vs. Network Restrictions

Medigap plans give you the freedom to see any doctor or visit any hospital that accepts Medicare. A supplemental insurance provider in Munster, Indiana may recommend these types of plans to individuals who want flexibility in choosing their healthcare providers. Medicare Advantage plans, on the other hand, might restrict your choices to a network of specific doctors and hospitals.

Coverage Beyond the Original Medicare

While Medigap plans focus on covering out-of-pocket costs not covered by Original Medicare, they usually don’t offer additional benefits like dental or vision care. On the other hand, Medicare Advantage plans often come with such extra services and benefits.

Cost Considerations

With Medigap, you might pay a higher monthly premium, but it can lower your out-of-pocket expenses for medical services in the long term. Medicare Advantage plans often have lower monthly premiums, but you might have to pay more for using healthcare services, especially if you go outside of the network.

Travel and Geographic Flexibility

Your supplemental insurance provider in Munster, Indiana may recommend Medigap if you travel a lot or have homes in different places. It covers you anywhere in the US where Medicare is accepted. Medicare Advantage is typically more suitable for those who stay in one area and prefer the convenience of a local network of providers.

You Can’t Have Both

It is worth mentioning that you cannot have a Medigap plan and a Medicare Advantage plan at the same time, as this leads to redundant coverage. However, if you have Medicare Advantage and decide to switch to Medigap, insurance companies will allow this transition, with your Medigap coverage starting as soon as your Advantage plan ends.

Looking for a Supplemental Insurance Provider in Munster, Indiana?

Are you ready to meet with an expert who can help you choose between Medigap and a Medicare Advantage plan? If so, and if you’re ready to meet with the best supplemental insurance provider in Munster, Indiana, look no further than the team at Senior Care Insurance Services (SCIS). Our agents take the time to understand your unique healthcare needs and financial situation, helping you find a Medigap plan that offers you the best balance between coverage and cost.

Contact us today to schedule an appointment.