Medigap is an extra health insurance plan, that you buy from a private insurance firm to pay for the services not covered by the original Medicare. It includes copayments, deductibles, and health care if you travel outside the U.S. These plans do not cover vision checkup, dental care, hearing aids, or prescription drugs.
A Medigap policy only covers a single person. So, if you and your wife decide to get a Medigap policy, you each need to buy one. There is no concept of sharing. Also, you cannot get a Medigap policy if you already have a Medicare advantage policy, unless you are planning to shift back to the original Medicare. When you buy a Medigap policy you must have Medicare part A and part B. Get more information on this at https://www.2020medicareadvantage.com
There is a total of 11 standardized plans approved by the federal government. All the Americans above the age of 65 are eligible to apply for Medigap insurance. A key feature about this policy is that your provider cannot cancel your policy if you keep paying your premiums even if you incur a health issue at a later stage.
Many people confuse the Medigap and Medicare advantage policies to be the same. They mainly differ in the services they render. Medicare advantage plans actually provide you with the added benefits of services outside Original Medicare. Whereas, the Medigap insurance policy acts as a supplement to Original Medicare.
There are various constraints you might need to consider while deciding which insurance is better for you- an advantage or a supplement plan. One of the many constraints is a choice. With a Medicare Advantage plan, you do not have the freedom to go to any doctor or facilities out of the network. However, with a Medigap policy, you pretty much have a wide variety of options to choose from. They even cover you outside of the U.S.
With a Medicare Advantage plan, you are restricted to the area which supports it. So, if you are more of a free bird, you are better off with the Medigap policy. This also stands true if you are a frequent traveler. Medigap covers you in all of the 50 states, Advantage plans do not. A little tradeoff with the Medigap is they are a bit heavy on your pocket and have a higher monthly premium. Whereas, Medicare advantage plans generally cost less and cover more services and might be more budget-friendly.