Medicare advantage plans also known are put into place to fill the gaps that are left by Medicare original plans such as the payment of coinsurance, copayments, and deductibles. These expenses amount to thousands of dollars each year. Hence it is advisable to opt for Medigap plans to cover these expenses.
Pros for Medicare advantage plans:
- Medigap plans save money:
All Medigap plans cover Part A deductible and the befit period is as short as 60 days. Hence, all the deductibles can be paid for different visits to the hospitals and lower the load on the insured as different visits are treated separately. All Medicare advantage plans cover the co-insurance for Parts A and B and hence make it easier to choose plans.
- It is easy to choose among different plans:
All Medigap plans are standardized across the states and across all policies. The benefits are provided accordingly in ten different plans. There are numerous companies that sell these plans and are authorized to sell too. As they are standardized all companies have to sell with the same benefits. The only thing that differs is the premium.
- These plans are easy to work with:
Unlike Medicare Advantage, there is no fixed enrollment period. Medigap plans can be signed up for any time. Moreover, Medicare advantage plans do not have any restricted network providers. Claims are all automatically filed and it also does not have limitations geographically.
Cons of Medicare advantage plans
- They could be expensive:
The people who opt for Medigap plans are either old or disabled. They have a fixed income which is affected by an increase in premium. These policies are to ensure that the copayments and deductibles are not too hard on the pocket instead the premium may become a burden in itself. Moreover, it is an extra premium paid with a premium for original Medicare plans.
- No integral prescription drug coverage:
Plan D of the original Medicare plan has prescription drug coverage. However, it might cover all the drugs. Medicare advantage also provides with the coverage. Hence, here a lot of plans to choose from and also requires payment of premium.
- Acceptance is limited and not guaranteed:
The Medicare advantage plans are a sure shot during the open enrollment of six months as they do not require an underwriting or medical history or even current health issues cannot turn it over but after that the application process is tricky. The application may not be accepted after the open enrollment is closed.