Medigap to Medicare Advantage

What You Need To Know About Switching From Medigap To Medicare Advantage

Finding the right type of health insurance can take time and effort. Fortunately, you can switch, add, or drop different types of coverage every year. So, what do you need to know about switching from Medigap to Medicare Advantage plans? Read on to find out.

Let’s first understand what the difference is between the two plans. Medigap is an additional plan that anyone can add to their Medicare plan A or B. Medigap can help people pay for things not covered in plans A or B, like copayments and deductibles. Medicare Advantage plans are another way to get coverage with plans A and B. This type of plan is often known as plan C. You cannot have both Medigap and a Medicare Advantage plan simultaneously. 

Medigap vs. Medicare Advantage

One of the main reasons people switch from Medigap to Medicare Advantage is because of the price. Medigap is pricier than the other plan, and if you don’t need the extra coverage, it can almost be a waste of money. If it’s more expensive than Medicare Advantage, why would someone sign up for it in the first place? One of the main reasons people choose Medigap is because they can mostly get cared for anywhere. This plan is excellent for those who love to travel or who split their winters and summers in different states. So what does Medicare Advantage cover? Medicare Advantage plans cover things beyond plans A and B but can often be more scarce with their doctors and locations. Medicare Advantage plans often don’t have any monthly premiums. This, of course, will depend on your plan and company. 

The Difference with Pricing 

With Medigap, a lot of things you would have to pay out of pocket for Medicare will be covered with this. This is also what makes this plan more expensive than Medicare Advantage. If you have Medigap, you’ll only be paying the premium cost of having that plan. 

Medicare Advantage plans are sold individually with private insurance companies, so that they will differ in pricing. If you want to pay the lowest amount, you’ll have to stick with the doctors and hospitals the insurance company works with, otherwise known as “in-network” care. 

Making The Switch

We know you cannot have both Medigap and Medicare Advantage, so how do you switch? The easiest way is to talk to an insurance agent for a smooth walk-through of the process, but if you want to do it on your own, here’s what you’ll need to know. You can only enroll in Medicare Advantage plans from October 15th – December 7th, which is the Annual Enrollment Period. Knowing this information is great because you can prepare all year for the switch and gather more information about what exact plan you want to enroll in. You should also be aware that you will have to contact your Medigap company and let them know you are canceling.

It’s important to note that once you switch from Medigap to Medicare Advantage, you may not be qualified again to have Medigap if it turns out that plan works better for you. This is because after people make the switch, they often have to qualify for specific issues to be accepted again. 

Work With A Trusted Insurance Agent Today

I know just how confusing health insurance plans can be, so I am here to help you. I’ll work with you and help you figure out the best plan for you regarding pricing and health-wise. So contact me today at (912) 660-5236 or fill out this information sheet, and I’ll reach out to you.

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