Learning the Difference
Sometimes the Medicare world can be pretty confusing with the multitude of different plans, carriers, networks, names, etc. To help you feel more educated, Senior Financial Group wants you to help better explain the difference between Medicare Advantage plans and Medicare Supplement (commonly known as Medigap) plans. Here’s a breakdown to better understand the difference between the two:
- Medicare Supplement (Medigap)
These plans work in junction with your Original Medicare benefits. These are meant to “supplement” extra expenses such as additional hospital days, expensive copays or deductibles that Original Medicare does not cover. Medigap also has a larger network of doctors.
Medigap does not cover Rx, so a prescription drug plan is usually needed as well. It’s typically more expensive which is why it may not be the right choice for everyone.
Plan F is the most popular Medicare Supplement Plan since it is the most all-inclusive plan with the most coverage.
- Medicare Advantage
Instead of supplementing the Original Medicare plan, Medicare Advantage plans become the primary insurance. These plans are offered by private companies and thus offer a variety of benefits between different plans. They are customarily less expensive, more flexible, and cover about the same as Original Medicare.
Medicare Advantage plans are a more affordable way to combine your A, B, and D benefits. It may even cover additional hearing, dental, and vision coverage depending on the specific plan.
For any questions regarding the difference between Medicare Advantage and Supplement plans, feel free to call our Benefit Specialists at Senior Financial Group at (865) 777-0153.