Medicare Supplement vs. Medicare Advantage

Selecting a Medicare Supplement, also known as Medigap, or a Medicare Advantage plan depends on your individual needs and resources. Both have a vital role to play in providing comprehensive coverage. Below are some things to consider when making your decision.

Medicare Supplement/Medigap plans are designed to help beneficiaries pay for the gaps in Original Medicare including an individual’s share of Medicare deductibles and co-insurance. Medigap policies are attractive to those who want little-to-no copays when accessing healthcare services.

Medicare Advantage was designed to provide Medicare beneficiaries with a lower-premium option. Medicare Advantage plans have very little underwriting which makes it an attractive option for those who missed their Medigap Open Enrollment period and cannot qualify for a Medicare Supplement due to health conditions.

Some of the things to take into consideration include:

  • Access to doctors (specialists) and network restrictions
  • Medications
  • Chronic health issues
  • Lifestyle (travel)
  • Premiums, Deductibles, and Copay Costs

Working with an independent agent at Senior Financial Group can help you determine which coverage is best for you. Call today to schedule a one-on-one personalized needs assessment.

Medicare Advantage plans and Medicare Supplements/Medigap are optional coverage. Since Original Medicare does not have a max out of pocket, choosing between a Medicare Advantage or Medicare Supplement plan helps you to better control your out-of-pocket costs.

The premiums of a Medicare Advantage Plan are typically less than a Medicare Supplement/Medigap, in many cases a $0 monthly premium. For a Medicare Advantage plan, you pay copays and coinsurances for services as you use them. However, a Medicare Advantage plan’s maximum out-of-pocket sets a limit to the amount of copays/coinsurances you would potentially pay per year.

With a Medicare Supplement, you have more cost on the front end and very little cost on the back end. Your monthly premiums can range from under $100 to almost $300 depending on the Medicare Supplement you choose, your gender, and location of residence. Other than your monthly premium, and your Part B annual deductible, all other costs will be covered.

  • For example: Plan G covers all costs once you meet your Part B annual Deductible, which is $203 for 2021.  Other supplement plans could include copays for each doctor visit and Part B excess charges.

Call us today at 865-777-0153 to help you compare costs and evaluate your options. We never charge for our services!

Medicare Advantage plans may have network restrictions.

  • Some plans will only cover services that are in-network; other MA plans will allow you to go in and out of network.
  • While traveling, MA plans will only cover you in emergency situations unless you have out-of-network access.
  • Referrals may or may not be required.

Medicare Supplements do not have any hospital/medical network restrictions.

  • You can see any doctor in the country as long as they take Medicare and you are being seen for a Medicare-covered service.
  • No referrals are needed

Click here to download the infographic “Choosing Your Own Path“.

No, you may only choose one path or the other. Once you enroll in Original Medicare (Parts A & B) you may choose Path 1: A Medicare Supplement and Drug Plan, or Path 2: A Medicare Advantage Plan.

Whether you are ready for initial enrollment, or want to update your plan, we can guide you through your needs assessment to help you determine your path 1 and path 2 options, comparing plans and costs, and identifying possible savings. We will help you enroll in the plan that best suits your needs.

Contact us to learn more

Medicare can be confusing. We have independent advisors that do the shopping for you. Take advantage of our unbiased, personalized, professional support at no cost: