All About Medicare Supplements: What They Are & How They Compare to Medicare Advantage

When it comes to covering healthcare costs in retirement, many people find that Original Medicare (Medicare Part A and Medicare Part B) doesn't cover everything. That happens to be true. Original Medicare covers 80%, but what about the 20% left over? That is where Medicare Supplements, also known as Medigap plans, come in.

What Is a Medicare Supplement Plan?

A Medicare Supplement is a private insurance policy designed to help pay for the out-of-pocket expenses that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles. These plans are standardized and labeled by letters (Plan G, Plan N, etc.), which means coverage is the same across all carriers offering that plan in your state.

Medigap plans only work with Original Medicare, not Medicare Advantage.

Key Benefits of Medicare Supplements:

• Predictable costs: Monthly Premium costs are set annually.

• No network restrictions: See any doctor or hospital that accepts Medicare nationwide.

• Guaranteed renewability: Your policy can’t be canceled due to health conditions.

• No referrals needed: Freedom to visit specialists without prior approval.

How Do Medicare Supplements Compare to Medicare Advantage?

Medicare Supplement (Medigap)	Medicare Advantage (Part C)
Works with Original Medicare Parts A+B	Medicare Parts A+B+D=C
No networks – nationwide access	HMO or PPO Networks
Higher premiums, lower copays	Lower premiums and copays
Does not include drug coverage	Often includes drug, dental, vision, and additional benefits
No out-of-pocket maximum	Includes out-of-pocket maximum

Why would I choose a Medicare Supplement over a Medicare Advantage Plan when I enter Medicare?

You may choose a Medicare Supplement (Medigap) over a Medicare Advantage Plan when you first enter Medicare for the following reasons:

1. Guaranteed Issue (No Health Questions)

   1. When you first enroll in Medicare Parts A and B, you have a one-time 6-month Medicare Supplement (Medigap) Open Enrollment Period during which you are guaranteed to get that plan without Medicare underwriting, regardless of your health.

   2. If you wait to enroll later, you could be denied or charged more due to health conditions and aging.

2. Nationwide Provider Access

   1. A Medicare Supplement is perfect for those who travel often. This isn't about occasional vacations, but rather if you reside in one location for a period and then relocate to another, like snowbirds do.

3. Fixed Premium

   1. If you have numerous health issues and frequently visit doctors and specialists, a Medicare Supplement could be a suitable option because it allows you to know your expenses regardless of the situation.

   2. A Medicare Advantage Plan is more of a pay-as-you-go plan.

   
   

Which Is Right for You?

• Choose a Medicare Supplement if you want nationwide flexibility due to travel, predictable costs due to health, and guaranteed issue.

• Choose a Medicare Advantage Plan if you prefer lower premiums and additional benefits and don’t mind network restrictions.

Ultimately, the best choice depends on your health needs, travel habits, and financial situation. Working with a licensed Medicare advisor from The Bedrock Group can help you compare options and find the plan that fits your lifestyle.

Plans and options change over time. We can assist you in navigating these changes and ensure you remain informed about everything essential for a successful retirement. If you're ready to have an advocate support you annually, we can link you with the right advisor in your area. Just click "Schedule Appointment" to get your free review. Our services are always at no cost to you, so what do you have to lose?

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To learn more about The Bedrock Group, please continue below.

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At The Bedrock Group, we are a Veteran and First-Responder-owned, full-service insurance agency dedicated to helping you navigate your insurance and financial needs. We proudly offer complimentary consultations and no-cost Medicare Reviews.

We are headquartered in New Albany, Indiana, and have a full-service agency in Asheville, North Carolina.

We have advisors in 48 states ready to help with a wide range of services, including:

• Life Insurance

• Wealth Management

• Medicare Plans

• Medicare Advantage & Supplement (Medigap) Plans

• Hospital Indemnity

• Final Expense (Burial Planning)

• Mortgage Protection

• Business Insurance

• Retirement Planning

• Medicare Enrollment Assistance

• And more!

Have Medicare questions? Call our team at 833-905-1060 for help over the phone.

To schedule an in-person Medicare Benefits Review, please visit www.bedrockfg.com/scheduleappointment 

At The Bedrock Group and Senior Solutions, we're here to help!

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