As individuals approach retirement age, understanding Medicare and its various components becomes essential to help ensure comprehensive healthcare coverage. Among the choices within Medicare, two popular options are Medigap policies (also known as Medicare Supplement Insurance) and Medicare Advantage plans. While both serve to fill the gaps in coverage left by Original Medicare, they operate differently and cater to different preferences and needs. Let’s delve into the nuances of each to help you make an informed decision.
Original Medicare With Medigap Policies
Original Medicare consists of Part A (hospital insurance) and Part B (medical insurance), providing coverage for hospital stays, doctor visits, and medical services. However, it doesn’t cover all healthcare costs, leaving beneficiaries responsible for deductibles, copayments, and coinsurance.
Medigap policies are designed to complement Original Medicare by covering some of these out-of-pocket costs. These policies are offered by private insurance companies and are standardized across most states, with 10 different plans labeled A through N. Each plan offers a different combination of coverage, allowing beneficiaries to choose the one that best suits their needs.
Key features of Medigap policies include:
Forvis Mazars Private Client™.