The question can come in any person’s mind, why should we spend an extra amount of money and have a Medicare Advantage plans. A person who is on the verge of retirement or has retired no longer gets medical coverage from the company they used to work for. A basic Original Insurance may not be sufficient to cover the entire medical bill.
There are many instances where the gap between the actual medical bill and the sum paid by the insurance. This gap may be substantial at times and very often creates a financial burden on a person. The work of the Medicare Advantage plans is to cover this additional expense that the original medical insurance does not cover.
Categorization According to Benefits:
The Medicare Advantage plans is categorized into 10 groups and they are named alphabetically with Type F being the most popular one. Though it is estimated by several agencies, Type F will become obsolete by 2020 and Type G will take its place. The premium amount for Type G is also less compared to F but they do not provide full coverage.
There are certain advantages when it comes to Medicare Advantage plans as it does the job of removing the financial burden very efficiently. But in some cases, the Medigap does not cover. A person suffering from end-stage renal failure may not qualify to purchase a Medigap plan as they already have a medical condition before purchasing the insurance.
There are certain cases which do not comes under the Medicare Advantage plans. A Medigap does not cover the expense of prescribed drugs, hearing and visual aids expense and private nursing facility. A person can have Medical Advantage Plan instead of Medigap to get covered in these cases. But, a person cannot hold both the insurances together.
Pricing Policy and how to choose a Plan:
The pricing policy of each private agency is different. So, before purchasing a Medigap Plan, the person should do a thorough study of each of the agencies and chose a plan with a competitive rate with low rate trend. Each of this agency follow different pricing policy, some prefer to calculate the price based on the age of the person or some agency revaluate the rate every year as the person gets older. One should choose the agency which is suitable for them.