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Which is Better: Medicare Advantage or Medicare Supplement Insurance?

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Which Medicare Insurance Is Best?Currently, there are approximately 66 million Americans enrolled in Medicare. And that number is climbing daily.

Medicare is a government-backed health insurance program helping those 65 and older afford health care. However, it does not cover all of your expenses.

You’ll usually want to supplement your coverage. Unless you have group, retirement coverage, or VA Benefits, this means you’ll want to compare Medicare Supplements to Medicare Advantage plans.

The Case For Medicare Advantage Plans

Medicare Advantage is one way to round out your Medicare benefits. Medicare Advantage insurance is private, but includes coverage for Vision Insurance, Dental Insurance, Hearing Insurance, and qualified Wellness Programs, such as Silver Sneakers.

They can also cover expenses such as transportation to doctor’s visits, over-the-counter medications, and adult daycare services. These policies can even be found for $0 a month. They are affordable and help close many gaps for seniors.

However, there can be network restrictions as these plans are usually HMOs and PPOs. And your out-of-pocket exposure can be higher for hospital stays and other medical expenses.

The Case For Medicare Supplement Insurance

Medicare Supplements, or Medigap, are another great way to help you pay for out-of-pocket expenses not covered by Medicare, such as deductibles, copayments, and coinsurance.

There are 10 different plan options, the most popular of which are Plans F, G, and N. All three offer the most comprehensive coverage.

There are no networks to worry about. You can see any doctor or hospital that accepts Medicare. And you have very little out-of-pocket exposure with most Medicare Supplement policies. There will be less to pay when you go to the doctor or require hospitalization.

Which Coverage Should I Choose?

While you may say, “that’s great, I’ll take both!”, unfortunately, you are only eligible to choose one or the other.

Because of that, one question that may better serve you is, “What’s the cost difference between Medicare Advantage and Medigap?”

  1. Medicare Advantage plans usually have lower premiums, but may not have as broad of coverage. This results in more out-of-pocket expenses.
  2. Medigap offers more expansive coverage across the United States, as well as more flexibility with out-of-network physicians. Medigap makes it very easy to file a claim, but often has higher premiums.

However, Medicare Advantage policies offer prescription drug coverage with most plans, where Medigap users must purchase separate Stand Alone Part D coverage.

Contact Us With Questions

Which is better? The answer is not the same for everyone. Some may benefit more from a Supplement while others save money with an Advantage plan.

One size does not fit all. A lot depends on your utilization and overall health. And you’ll want to know how your decision today affects your options for change tomorrow. There’s a lot to know!

Hyers & Associates can help you work through the options. Call or request a no-cost, virtual appointment today!

Category: Medicare Advantage, Medicare Supplements

Last updated on April 11th, 2024