Medicare Advantage vs Medigap 2020
The decision to choose one kind of healthcare insurance over another is an important one. You should be aware of all your choices and how they compare to one another. We are going to look at two possible coverage options here- Medicare Advantage vs Medigap for 2020. You can see what they have to offer and make a more informed decision when it comes time to pick your coverage plan.
Which One Covers You Better?
These two plans offer some distinct coverage, but some of their coverage will overlap a bit. What that means is that the two kinds of plans will conflict with each other, so you won’t be able to sign up for both of them simultaneously. If you know that you want one of them, you will have to decide on only one.
They both work with Original Medicare’s coverage, with the Advantage plan allowing Original Medicare to still cover hospice care, but the Advantage plan taking care of all the rest of the Original Medicare coverage. Medigap will only provide additional coverage to what Original Medicare offers.
Medicare Advantage goes beyond original Medicare by offering at least all of the following:
Emergency medical services
Urgently needed care
It can also include any of the following coverage:
Routine checkups for vision and hearing
New corrective lenses
New hearing aids
Prescription drug plan for both generic and name-brand medications
Medigap can cover a lot of smaller expenses, such as all of the following:
Deductibles for Medicare parts A and B
Copays on Medicare parts A and B
Coinsurance for nursing care
Coinsurance for Medicare Part A hospice care
Excess charges for any Part B services (where Medicare is not accepted)
Three pints of blood annually
Foreign travel costs (up to 85% each time) for emergency medical care
While Medigap covers more of the small items, Medicare Advantage offers a few very large, expensive items. In the end, Medicare Advantage does more for you, in most cases. It is considered a higher coverage plan, but you should know that not all Medigap plans are going to cover all of the items we listed above for it.
Medicare Advantage, then, offers greater overall coverage, especially if you sign up for one of the plans that will provide more than just basic Advantage plan cover. However, a Medigap plan may be closer to what you need, with its more targeted cover and more diverse lineup of plans. Just because a healthcare plan offers more coverage, that doesn’t make it the better plan for your situation.
Which One Costs Less?
Let’s look now at the price of these plans. We can only give you average prices here, since the rates will vary depending on where you live, which of the many plans you buy and which insurer you buy the plan from. All of these factors go into determining the price, as there is no standard, set rate for these plans. Medicare may oversee the plans, but it does not provide pricing guidelines for the insurers to follow.
Be sure to compare Medicare Advantage vs Medigap 2020 costs. Those costs can make a huge difference in determining whether a plan is affordable and suitable for you and your needs. Each senior has a different situation they are going through, and as the rates change over time, you may need a different kind of plan. You can use our site to determine what the rates are, and we will offer you a list of rates for the plan you search for here on our site. You can then see what different rates are being charged by the various insurance companies that sell these plans in your local area.
On average, Medicare Advantage plans will cost about $64 per month. The plans can range in price from $300 or more all the way down to $0. That’s right- some insurance companies do not charge you a monthly premium on Medicare Advantage. They will charge you a higher deductible, though, to compensate.
Medigap plans cost, on average, $143 per month, for the highest coverage Medigap plan- Plan F. Other plans cover less, so they cost less. As you can see, the Advantage plan is the cheaper option, in some cases, but in others can be more expensive. The most expensive Advantage plan will cost you more than the most expensive Medigap plan, but you should be comparing the cost of the plans that fit you best.
We suggest looking at the Medicare website to see what each of the different Medigap plans will cover for you. There are eight of these that are still active and available to every senior who qualifies. A few of them such as Plan F are no longer being widely offered but are still available to those who have a current Medigap plan of the same kind.
Which Is the Best One
As we have been saying, your situation will determine which of these is better for you. If you need a high coverage plan, then Medicare Advantage is probably the best and most economical way to go. If you just need a bit of extra coverage to go with your Original Medicare plan, then a Medigap plan may work just fine. Look at the rates for your local area by using our site, and if you have any questions, then be sure to shoot them our way. Our experienced team is happy to help you figure out what kind of coverage plan might work best for you.
Both of these plans offer some great value, and when you compare Medicare Advantage vs Medigap for 2020, you will start to see which one will be a better fit for you. They both have the potential to save you a lot of money, but it is in your best interests to compare quotes and find the most affordable plan that will give you peace of mind about your healthcare coverage for the coming year.