How do Medical Advantage Plans (Medigap insurance policies) work?
Do we hope you know all these “parts” of Medicare? Part A, B, and D? Medicare Advantage Plans (Medigap) guidelines have parts of their own. They are labeled with the letters A-N (although E, H, I and J are no longer offered). The last thing you need with Medicare is more letters, but these letters make the options consistent for each provider. Since private insurance companies offer these guidelines, you need to do some comparison shopping. Their purchase is made easier because an “F” plan, for example, is the same no matter what insurance it offers. You do not need to worry about one insurance company offering something else on the “F” plan than another.
Which Medicare Advantage Plans suit me?
To know which Medicare Advantage Plans is best for you. You should talk to a qualified insurance agent at https://www.medicareadvantageplans2020.org or Medicare consultant to find the plan that fits your profile.
What is the difference between Medigap Insurance and Medicare Advantage?
A Medicare Advantage plan is similar to an HMO or PPO. It includes your original Medicare benefits as well as additional preventive care coverage in a select network of physicians and hospitals. A Medicare Advantage Plans complement your original Medicare coverage and pays the costs that Original Medicare does not cover.
It will probably give you more freedom of choice than Medicare Advantage (as long as your doctor or facility accepts Medicare) and is a better option for those who travel a lot or live in more than one place. You need to sign up for Medicare before you can get Medigap.
Can I have both Medicare Advantage and Medigap Insurance?
No. However, an insurer may sell you Medicare Advantage Plans if you declare that you are leaving Medicare Advantage. This will allow you to start your Medigap coverage one day after your Advantage Plan expires.
Does a Medigap policy cover both my spouse and me?
Unfortunately not. A Medigap policy applies to one person only.
Can the insurer terminate my Medigap insurance if I become ill?
No – that’s illegal. As long as you pay your premiums, your policy will be renewable for the rest of your life.
The bottom line:
Original Medicare has coverage gaps. Without some kind of additional insurance, you could end up paying a lot of money out of pocket. Medical Advantage Plans close these gaps. To find a policy that suits you, it is advisable to consult the best agent.