Medicare Advantage Plans (Part C) and Medicare Supplement Insurance Plans (Medigap) are both options to enhance your Medicare coverage, but they work differently:
Medicare Advantage Plans (Part C):
Offered by private insurance companies approved by Medicare.
1. Must cover everything Original Medicare (Part A and Part B) covers, except hospice care (which is still covered by Part A).
2. Often include additional benefits like vision, dental, and prescription drug coverage.
3. Usually have a network of doctors and hospitals, and you may need referrals to see specialists.
4. Often require copayments, coinsurance, and deductibles, which can vary by plan.
Medicare Supplement Insurance Plans (Medigap): Also offered by private insurance companies.
1. Designed to fill in the “gaps” of Original Medicare coverage, such as copayments, coinsurance, and deductibles.
2. Works alongside Original Medicare, so you can go to any doctor or hospital that accepts Medicare.
3. Generally, do not cover benefits that Medicare Advantage Plans do, such as vision, dental, or prescription drugs.
4. Requires a monthly premium in addition to your Medicare Part B premium.
The choice between Medicare Advantage and Medigap depends on your specific healthcare needs, budget, and preferences. It’s essential to compare plans carefully to understand their costs, coverage, and restrictions before making a decision.
