Medicare Advantage vs Medigap 2020
Medicare has several health insurance options devised for seniors. Among the many options that elders can pick for their healthcare coverage, we will compare here Medicare Advantage vs Medigap 2020. We hope that after weighing them, you can get better insights into these choices and understand how they can provide you with benefits. As you get a better understanding of these two plans, we hope that you will make an informed decision on your healthcare coverage.
What is the Cost of these Plans
The overall cost of these plans is different from one another. That’s why we recommend that you look into the cost before deciding on the kind of coverage plan that you must go with. Knowing how much it will cost you to sign up for one of these plans will help you see which of them you can afford to pay. Then, you can analyze which one offers more value for your money.
Let us start with Medigap plans. They have a range of costs because there are eight of them in the list. The lowest price you can have is $70 per month and the highest is $450 a month. Of course, if you pick a high coverage, it will cost you more. However, Medigap can handle some of the deductibles for you. In that case, they can decrease your out-of-pocket costs significantly.
For Medicare Advantage, you can pay as low as $0 a month to as high as $300. However, the average can fall around $140 per month. But you need to pay a deductible to receive coverage from your plan. The overall cost of the Advantage policy can vary according to the insurance provider where you obtain the plan. Each insurer has its own rate for these plans. Then, they also have a different lineup of MA plans with different prices according to how much the policy will cover for you.
To know the actual costs for Medigap and Medicare Advantage policies in your area, you may use our free tool. You just need to enter your zip code and the plan you wish to have and we will give you a list of insurance providers with their rates for the plan you picked. The rates are dependent on your zip code. Keep in mind that the rates in New York are different from the rates in California and Texas. What we can present you with are local rates. As you comparison shop, you can quickly see which insurer offers the most economical price on your medical insurance.
What is the Coverage of Every Plan
Below, you will find how each plan will cover your healthcare expenses. Knowing all of them will give you an idea of how much out-of-pocket expenses you will need to handle.
For Medicare Advantage, all plans will cover for your Medicare parts A and B. These expenses are the cost of treatment from a medical doctor and hospital. Medicare Advantage plans will also cover for your emergency treatment, as well as urgently needed care. These are the basic coverage items that a Medicare Advantage plan can handle. But you can find a more robust Advantage plan that can cover other items to significantly reduce your overall out-of-pocket expenses and healthcare cost.
If you choose the high coverage plan, it handles the basic coverage items and pays for the Medicare Part D drug plan. It may also settle for the overall cost of routine checkups for the year. Some high coverage plans will also pay for eyeglasses, hearing aids and other prescription items.
Medigap plans, on the other hand, will cover for the expenses not being handled by the Original Medicare. These items would include the following:
Medicare Parts A and B deductible
Medicare Parts A and B copays
Medicare Part A hospice care
Medicare Part A excess charges
Nursing care coinsurance
Foreign emergency medical transport
Three pints of blood
Each Medigap plan will cover those medical expenses differently. That is, some of these plans will handle the majority of them while others will only handle a few.
When to Sign Up
Before you can sign up, though, you need to meet their eligibility requirements. To qualify, you must be at least 65 years old. Then, you have an active Original Medicare policy. It is a requirement for Medigap because this policy works hand in hand with Original Medicare. That is, it replaces some of the coverage items but not all of them. In that case, you will still need the coverage of Original Medicare.
Both of these plans require that you register during the Open Enrollment. Signing up during this period will guarantee that you get the plan that you are interested in at an affordable rate.
Medicare Advantage plans are open for registrants from October 15 to December 7. These dates are the same every year. However, Medicare may change them in the future so please check back on our site to know if there are changes on the dates.
For Medigap, the open enrollment starts three months before you celebrate your 65th birthday. Then, you have another three months to sign up after you turned 65. Although you can sign up at a later date, the rate you will receive will be higher. Thus, we encourage you to sign up during the enrollment periods to guarantee that you have a lower, affordable rate. Also, be aware that you might not be allowed to sign up outside of those dates.
Some younger individuals can qualify for these plans but these are the people with a disability or certain medical condition. If you know your eligibility status, make sure to contact our health insurance experts. We will assist you in this matter.
If you are eligible for both of these plans, then make sure that you compare Medicare Advantage vs Medicare 2020 to help you decide which of these plans are perfect for your situation. You may use our free tool to easily compare the plans. Talk to us if you need more help.
Compare Medicare Advantage for 2020