Differnce between Advantage plans & Medigap ?

[ss11943859]

Someone explain the difference between these plans ;which is better ? Or does it depend on the individual ? Everyone having different needs/budgets. So confusing.

[GailL1]

Read Medicare and You - available in a lot of different formats:

Medicare.gov - "Medicare and You"

OR find yourself a trusted Medicare Insurance Broker in your area  *

OR contact your states SHIP office - State Health Insurance Program

OR follow the procedure along at Medicare.gov - Get Started with Medicare

* the best option IMO cause they can answer questions and give you help and guidance whenever you need them - and there is no cost to you.

[JosephLi]

Hello Gail,

But don't Medicare Insurance Brokers have an agenda as well, make money off their biased recommendations?

Just asking, because I'm approaching 65 in 3 months, and I'm totally stressed to find an honest Medicare experienced person to help me!!

[GailL1]

Not if you find a regular Medicare Broker that is NOT a captive agent for one specific company.  An Independent Medicare Insurance Broker writes for every company that might work in your area - some may just write Medigap and a free standing Part D plan - others may write the whole thing - Medigap / free standing Part D plan / Medicare Advantage plan with or without Part D attached to it.

They usually have lots of knowledge about Medicare in general and can help you pick the best plans the way you want to go - either Trad. Medicare with a Medigap + prescription drug coverage OR a Medicare Advantage plan with or without a prescription drug plan.  

Look for one that has lots of experience - get recommendations in your areas.  They are pretty local to you and can also help you year in and year out if you need them for problems or open enrollment issues which you might have.  

They know the state laws where you live too.  That helps with Medigap plans.

Up to you - but they don't charge you anything - they get paid commission from whichever insurer you might pick.  

You can always do your own picking or get (some) help from SHIP.

Just Don't go to a captive Medicare agent - they only write for one company - at least not until you have decided what plan(s) you want.

[CatherineS641676]

I spent 3 days studying the Medicare information before making a choice. It got a bit confusing at times, but in the end, I chose a Medicare Supplement (Medigap) plan over the advantage plans based solely on the fact that Medicare Advantage plans can deny coverage if they deem a treatment or a medication still in the testing or experimental stage. The Medicare Supplement Plan F pays if my doctor says I need it. The inclusiveness of the Advantage Plans make them more favorable to some, but I preferred the freedoms afforded me in the Supplement Plan options. Choose based on your needs, but do your homework! There is a lot of information available on the Medicare site-it actually breaks down the plans and what is covered by each plan. Good Luck!

[CatherineS641676]

One more thing to consider-you can always change from a Medigap plan the next year to an Advantage plan, but the reverse is not always true. it has to be approved by the plan you are trying to switch to if going from advantage to a medigap plan.

[JosephLi]

Catherine,

Invaluable information, thank you!!

I feel bad for hijacking @ss11943859  thread, I'll start my own thread since my present situation is different then most, and I have time sensitive questions i would like to ask, before seeing a broker.

[JosephLi]

Thank you so much Gail!

[JosephLi]

Please explain what "IMO" stands for?

[GailL1]

IMO = In My Opinion  😊

[ss11943859]

Will do ! Thanks !  😊