Should You Choose Medigap or Missouri Medicare Part C

Medigap Vs. Medicare Advantage (Part C)

Should You Choose Medigap or Missouri Medicare Part C
Choosing the right Medicare coverage can seem like a complex task, but it doesn't have to be. At Olympus Insurance Associates, we specialize in simplifying the process and helping you understand your options.

Here are the key differences between two popular types of plans: Medicare Supplement (Medigap) and Medicare Advantage (also known as Medicare Part C).

What is Medicare Supplement (Medigap)?

Medicare Supplement insurance, also known as Medigap, is a policy that you can purchase in addition to Original Medicare (Part A and Part B). These plans are designed to cover some or all of the out-of-pocket costs that are not covered by Original Medicare. These costs can include deductibles, copayments, and coinsurance.

Medigap policies are sold by private insurance companies but are standardized and regulated by the federal government. There are 10 different standardized Medigap plans to choose from, each offering a different combination of benefits.

Note that Medigap plans do not include prescription drug coverage (Part D). If you want this coverage, you would need to enroll in a standalone Part D plan.

What is Medicare Advantage (Part C)?

Medicare Advantage (Part C) is an alternative way to get your Medicare coverage. These plans are offered by private insurance companies approved by Medicare.

A Medicare Advantage Plan includes the same coverage as Original Medicare (Part A and Part B), but many also include additional benefits such as prescription drug coverage, dental, vision, and wellness programs.

One thing to keep in mind with Medicare Advantage is that these plans have a network of doctors and hospitals. Depending on the type of plan, you might pay more or might not be covered at all if you go outside the network.

Which One Should You Choose?

The decision between Medigap and Missouri Medicare Part C depends on your personal needs and preferences. Here are a few things to consider:

Cost: Medicare Advantage often has lower premiums than Medigap. However, Medigap can provide more predictability because it covers more out-of-pocket costs.

Coverage: If you need prescription drug coverage and don’t want to enroll in a separate Part D plan, or if you want extra benefits like dental and vision, you might prefer Medicare Advantage.

Flexibility: If you travel frequently or want to see specialists without referrals, you might prefer Medigap because it doesn't have network restrictions.

When choosing between Medigap and Medicare Part C, it’s not about finding the best plan in general. It’s about finding the best plan for you.

At Olympus Insurance Associates, our Medicare insurance experts are ready to guide you through these decisions and find the plan that best suits your needs. Contact us today to get started.

Note that this information is current as of 2023. Be sure to consult with a trusted, local Medicare expert or the official Medicare website for the most accurate and up-to-date information.

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