There are lots of confusions in the polity as to the difference between Medigap and Medicare Advantage. Are they the same thing? Do they perform the same functions in the healthcare delivery system? The perfect answer to the questions above is an emphatic no. We shall go into the details to separate the two from each other and clear all the doubts in the minds of our readers. At the end of this article, every reader should be able to get a full grip of the definitions of both of them and what separates them from each other.
There are four basic parts of Medicare. We have Part A which is essentially devoted to hospital care. Part B involves the following: doctors, medical procedures, equipment. Part D represents the regime of prescription drugs. What we are concerned about within the scope of this article is an understanding of the parts that this premium will not cover. We are referring to deductibles, co-pays, and several other medical expenses. The combinations of what we have mentioned above can wipe out one’s total savings in the event of a serious sickness befalling someone. This is where we shall be introducing the last of the four plans that are obtainable from through Medicare and it is referred to as plan C.
Plan C is what is commonly referred to as Medical Advantage. This is the best way to bring down from the rooftops the high costs that would have been incurred in the event of an accident or illness. We have the Medicare Supplement Insurance which is also referred to as Medigap. We shall take a look at the two options and what you are going to get from them in the concept of their Medicare Advantage plans.
Medicare Supplement Insurance/ Medigap coverage is the perfect way to protect people who are on traditional Medicare from paying more than they are required to pay. Medigap will charge extra premium in addition to what people have paid on premiums for parts A (some people are lucky to get this free), B and D. The various options offered By Medigap are also indicated by letters:A, B, C, D, F, G, K, L, and N. This adds to the confusion because of matching of letters that are also used for Medicare. This scheme will cover you where you see any doctor that offers Medicare
This is what is also known as plan C as stated earlier on. There is a strong likelihood of getting healthcare services here at a lower cost when compared to what obtains with Medigap. In most cases, this premium is paid alongside Part B premium. This plan is similar to private health insurance plans. The availability will determine what the members will get- HMO or PPO network plans. Each of the plans here has different benefits and rules that govern the policy.
We have demarcated the two from each other; an understanding of each one of them will deliver the best results in Medicare Advantage plans 2020.