Medigap plans have very low max out of pocket costs other than the monthly premium. The plan benefits can't change from year to year. There is also no network with a Medigap plan which means you can go to any doctor or hospital in any state. If they take Medicare they will take your Medigap plan.
Medicare Advantage plans often have a very low monthly premium or no premium at all. However, the max out of pocket costs can be as high as $6,700 per year. The plan benefits can change every year. The network of doctors and hospitals can also change from year to year.
Doing a needs analysis with a licensed agent that specializes in Medicare plans will further help you to determine what is best for your specific situation.
Since working in this field I firmly believe that Medigap or Medicare Supplements are much better that Medicare Advantage Plans. First of all there are no network restrictions with a Medigap plan, you can see any doctor or hospital of your choice in the United States that accept Medicare. If you like to travel you are out of network with a Medicare Advantage Plan which means when you see doctors or hospitals that are outside of the network your Medicare Advantage Plan may not pay any of the cost.
The right Medicare Supplement Plan to go along with your Original Medicare will keep your out of pocket cost very low for doctor and hospital services. Medicare Advantage Plans have high out of pocket cost when you are faced with serious or chronic health conditions. Depending on the plan your maximum out of pocket in a calendar year could be as much as $6,700. The freedom to see any doctor or hospital of your choice combined with low out of pocket cost make Medigap much better than Advantage Plans.
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Medicare Advantage plans often have a very low monthly premium or no premium at all. However, the max out of pocket costs can be as high as $6,700 per year. The plan benefits can change every year. The network of doctors and hospitals can also change from year to year.
Doing a needs analysis with a licensed agent that specializes in Medicare plans will further help you to determine what is best for your specific situation.
The right Medicare Supplement Plan to go along with your Original Medicare will keep your out of pocket cost very low for doctor and hospital services. Medicare Advantage Plans have high out of pocket cost when you are faced with serious or chronic health conditions. Depending on the plan your maximum out of pocket in a calendar year could be as much as $6,700. The freedom to see any doctor or hospital of your choice combined with low out of pocket cost make Medigap much better than Advantage Plans.