Can I Carry Both Medigap and Medicare Advantage Plans??

If you have Original Medicare (Parts A & B), then you likely know that you still have certain out-of-pocket costs to pay. You also might not receive certain coverage for certain care. However, you likely know that there are a few different policy options to help enhance your Medicare. These are Medicare Advantage and Medigap Plans. Both provide their unique benefits. Medigap policies, on their own, can help you cover many of the residual costs of Original coverage. However, they will not cover you if you have Medicare Advantage. Why is this?

Understanding Medigap Plans

Even with Original Medicare, you will face personal costs for a lot of your Medical care. These might include deductibles, copayments and coinsurance. Furthermore, certain care will have no coverage at all. A Medigap plan can help you cover a number of those residual costs. When you enroll in a plan, it might help you pay for some or all the costs of:

Copayments

Parts A & B Deductibles
Coinsurance
Excess charges for Medicare Part B.
Medical care you need while traveling outside the U.S.

Keep in mind, you will have to pay a Premium for your Medigap plan, alongside your Part B premium.

Medicare Advantage is Different

Medicare Advantage is not a Medigap plan. Medicare Advantage is essentially an enhanced version of Original Medicare offered by private insurance. It will cover most of the costs covered by Parts A & B insurance, alongside additional costs like:

Dental care
Hearing care
Prescription drugs

Vision exams

However, it will not cover costs like deductibles or copayments. You will still have to pay these if you have Medicare Advantage. Furthermore, you cannot have both a Medicare Advantage and a Medigap plan.

Switching between Medicare Advantage and Medigap Plans

When enrolling in Medicare, you’ll have to choose between Medicare Advantage or a Medigap plan. If you decide you want to upgrade from Original Medicare to Medicare Advantage coverage, you will have to surrender the Medigap coverage.

However, if you decide to switch from Medicare Advantage back to Original Medicare, then you will likely have the opportunity to enroll in a Medigap plan. However, you can only switch coverage during the annual Medicare enrollment period, or if you qualify for a special enrollment period.

Whether you would rather carry Medicare Advantage or Medigap is up to you. If you wonder about how you will pay costs like copayments, then you might find a Medigap plan more beneficial. Medicare Advantage might prove beneficial if you want additional covered care, like hearing care, that you critically need.

Call us today to learn about your qualifications for Medicare Advantage and Medigap policies. With both policies, you’ll be able to enroll in critical savings.

Can I Carry Both Medigap and Medicare Advantage Plans??

No Comments