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What Are the Differences Between Medigap and Medicare Advantage?

Posted by Seton McAndrews | CFP®, Vice President Investments

September 27, 2013

What is Medigap?

Medigap is private insurance you can purchase to help cover some or most of your out-of-pocket expenses associated with Traditional Medicare. It doesn’t replace your Traditional Medicare, it just helps you pay for it. You’d still get all of the coverage associated with Plans A and B.

What Does Medigap Cover?

The out-of-pocket expenses Medigap helps you pay for: Part A hospital deductibles, Part B outpatient co-pays, out-of-country medical emergencies, and fees not covered by Parts A and B.1

Why Do People Purchase Medigap?

People looking to reduce out-of-pocket healthcare costs are usually the ones to purchase Medigap. There are ten Medigap plan options, and all of them are standardized by law, so the benefits of each is the same regardless of which insurer sells it. The only difference between the ten plans is the cost (it can be expensive), so shopping around is crucial.2

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