Medicare Advantage Versus Medicare Supplement: What You Need to Know

March 20, 2024

Approaching age 65? You may be wondering what health plan is best as you age. One option, Medicare, you’ve probably heard about. It’s a fee-for-service health plan that’s designed for people who are age 65 and older. Also known as Original Medicare, it’s offered through the federal government and covers a portion of your healthcare costs—but not all.  

Fortunately, there are alternative Medicare policies that you can buy through private insurers: Medicare Advantage and Medicare Supplement (also known as Medigap). Here we’ll walk you through the pros and cons of choosing these plans, so you can be fully informed and choose the right policy for the years ahead.

Medicare Advantage: What Is It?

Also known as Medicare Part C, Medicare Advantage is offered through private insurers and geared toward people who are 65 and older. Some people with disabilities or end-stage renal disease may qualify for Medicare Advantage too. Usually, Medicare Advantage replaces Original Medicare.

What’s nice about Medicare Advantage is it’s an “all-in-one” solution, meaning it usually covers all of your Medicare benefits, as well as some dental, hearing, vision, and wellness coverage (for example, a gym membership). Many Medicare Advantage plans also include Part D for prescription drug coverage.

Pros of Medicare Advantage:

Cons of Medicare Advantage

Medicare Supplement: What Is It?

A Medicare Supplement plan, also known as Medigap, is designed to supplement Original Medicare coverage. True to its name, it “fills in the gap,” to help cover the cost of providers and services that aren’t fully covered by a government-sponsored Medicare plan. Medicare Supplement policies are offered through private insurers, like Lumico, and can help pay for copays, deductibles, and coinsurance.

Pros of Medicare Supplement:

Cons of Medicare Supplement:

That said, Medicare Supplement is an incredibly popular option among Americans—mostly because it offers great freedom in the range of providers you can visit. In fact, Nearly 81% of people with Medicare Parts A and B supplement their insurance with Medigap (Medicare Supplement insurance). When you choose a Medicare Supplement plan, you can feel confident that the providers you know and trust will most likely accept your coverage.

At Lumico, we offer Medicare Supplement insurance to people looking to extend their Medicare coverage. Take a look at our coverage information and call us at 1-855-774-4491 if you have questions. Our customer care team is here to help.

Health Insurance Medicare Supplement (Medigap) Tips

Demystifying Medicare Supplement (Medigap) Terms

In the ever-evolving landscape of healthcare, understanding the terminology associated with

May 30, 2024

Health Insurance Medicare Supplement (Medigap)

Medigap: 4 important facts you need to know now

Like peanut butter and jelly, shoes and socks, toothbrushes and toothpaste—Medicare and Medigap are

September 12, 2022

Life Insurance

The Top 5 Insurance Questions Asked by Our Members

If you have a question, chances are, someone else does too. That’s why we put together a list of

April 05, 2023

What else can we help you with?