The Effects of Medicare Advantage Plans on Medigap Policies

All of your options are under one plan, that sounds nice and that is what you get with a Medicare Advantage Plan. If you are bad at what each part of your Medicare or Medigap plan covers this is a great option for you. What you need to know is paying for both a Medicare Advantage Plan and a Medigap plan could be a waste of your money.

You will lose most of the benefits of the Medicare Advantage Plan if you decide to go with a Medigap plan for any reason. If you are on a Medicare Advantage Plan one example of this is that your Medigap plan can’t pay any copayments, coinsurance, deductibles or premiums. When you think of the point of the Medigap plan this is defeating the purpose right?

When dropping your Medigap policy for a Medicare Advantage Plan you should consider a few things. To begin with, you cancelling a Medigap policy could mean that it is gone forever if it happens to change. Next, when you don’t want to take the chance of losing the Medigap policy you will be responsible for paying premiums to keep it alive.