Switching Between Medigap and Medicare Advantage
Medigap and Medicare Advantage are two different types of health insurance plans that can be used to supplement Original Medicare. Medigap plans are private plans that can help to pay for things like copayments, deductibles, and coinsurance. Medicare Advantage plans are managed care plans that provide all of your Medicare benefits in one plan.
Key Takeaways
- You have 6 months of automatic Medigap enrollment without medical underwriting starting when your Part B coverage begins; after that, insurance carriers can deny applications based on their own criteria
- New York allows year-round switching from Medicare Advantage to Medigap without underwriting, but premiums are nearly double compared to other states—check your state's specific rules before assuming you have no options
- Special enrollment periods exist under federal CMS rules (e.g., if your employer stops offering retiree healthcare), allowing Medigap enrollment without underwriting even outside the initial 6-month window
- Medigap pricing transparency is extremely limited and quotes you find online are often inaccurate; household discounts and other variables mean you need personalized quotes to find the true lowest price, potentially saving $500+ annually
- Medicare planning should be integrated into your overall financial plan—errors in this area can cost over $10,000 per year, making it worth consulting an expert rather than relying on general online research
Switching Between Medigap and Medicare Advantage: Medigap and Medicare Advantage are two different types of health insurance plans that can be used to supplement Original Medicare. Medigap plans are private plans that can help to pay for things like copayments, deductibles, and coinsurance. Medicare Advantage plans are managed care plans that provide all of your Medicare benefits in one plan. Jae Oh, author of Maximize Your Medicare explains. To watch more videos on finStream featuring Jae Oh, Please click this link: https://www.finstream.tv/featured/jae-oh/
{ "@context": "https://schema.org", "@type": "VideoObject", "name": "Switching Between Medigap and Medicare Advantage - Finstream.TV", "description": "Switching Between Medigap and Medicare Advantage: Medigap and Medicare Advantage can be used to supplement Original Medicare.", "thumbnailUrl": "https://www.finstream.tv/wp-content/uploads/2023/06/MedigapSwitch1920.jpg", "uploadDate": "2023-07-11T13:34:43+00:00", "contentUrl": "https://finstreamtv-videos.s3.amazonaws.com/switching_between_medigap_and_medicare_advantage%20(1080p).mp4", "publisher": { "@type": "Organization", "name": "Finstream.TV", "logo": { "@type": "ImageObject", "url": "https://www.finstream.tv/wp-content/uploads/logos/FinStream-800w-red.png", "width": 1920, "height": 1080 } } }