If you’re relying on just original Medicare, you’ve probably noticed it doesn’t stretch far enough to cover all your healthcare costs.
The out-of-pocket expenses can add up fast and leave you with some hefty bills.
That’s why so many people turn to Medicare supplement plans for extra coverage and peace of mind.
It’s a straightforward way to set limits on how much you pay out of pocket, making healthcare a lot less stressful.
But here’s something many don’t realize: switching from a Medicare supplement plan to a Medicare Advantage (MA) Plan could actually save you money. In fact, a lot of Medicare Advantage plans come with no monthly premium at all.
Making the Switch: The Benefits of Switching to Medicare Advantage Plan
When it comes to healthcare, it isn’t just about the money.
Here are some of the reasons that Medicare Advantage plans have become so popular in recent years:
1. A Single Insurance Company
Medicare Advantage plans are capable of providing all of your insurance needs through one single insurance company. Enrollees enjoy a streamlined healthcare experience, avoiding the hassle of multiple private insurers for simpler, more efficient coverage.
2. Additional Benefits & Coverage
Many Medicare Advantage plans offer more than Original Medicare, including additional benefits like dental, vision, and hearing care. There are also non-medical benefits in some cases that can cover things like nutrition and transportation.
3. Low Monthly Costs
The single most attractive thing about Medicare Advantage plans is their relatively low costs. With zero premiums, many MA plans offer a quick and easy way to save money on your health insurance costs.
Comparing Medicare Advantage and Medicare Supplement Plans
When choosing between a Medicare Advantage plan and a Medicare Supplement (Medigap) plan, it’s important to understand their differences.
Consider how they vary in coverage, cost, and flexibility. Each option has its benefits, but the right choice depends on your healthcare needs and financial situation.
- Coverage: Medicare Advantage plans are all-in-one alternatives to Original Medicare. They cover everything Original Medicare does (Part A and Part B), and often include additional benefits like dental, vision, hearing, and prescription drug coverage.
Medigap plans, on the other hand, are designed to fill in the “gaps” of Original Medicare, covering things like copayments, coinsurance, and deductibles, but typically don’t offer extra benefits.
- Cost: Medicare Advantage plans often come with lower or even $0 premiums, but you may face higher out-of-pocket costs when you receive care. Medigap plans usually have higher monthly premiums, but they significantly reduce or eliminate your out-of-pocket costs for services covered under Original Medicare.
- Flexibility: Medicare Supplement plans offer flexibility, letting you see any doctor or specialist accepting Medicare, with no network restrictions. Medicare Advantage plans, however, typically require you to use healthcare providers within a specific network, which can limit your options.
Here’s a quick comparison of key differences:
| Feature | Medicare Advantage (MA) Plan | Medicare Supplement (Medigap) Plan |
|---|---|---|
| Premiums | Often $0 or low monthly premiums | Higher monthly premiums |
| Out-of-Pocket Costs | Capped at $6,700 (in-network) or $10,000 (out-of-network) | Lower out-of-pocket costs for covered services |
| Coverage | Includes Part A, Part B, often Part D, and extras (vision, dental) | Covers deductibles, copays, and coinsurance gaps in Original Medicare |
| Doctor Networks | Requires using in-network providers | No network restrictions; can see any Medicare doctor |
| Prescription Drugs | Often included (Part D) | Not included; requires separate Part D plan |
| Additional Benefits | May include dental, vision, hearing, transportation | Not typically included |
Open Enrollment 2025: Your Window to Switch to Medicare Advantage Plan
The Annual Enrollment Period (AEP) is the only time each year when you can typically switch to a Medicare Advantage (MA) plan.
It runs from October 15th to December 7th. During this period, you have the opportunity to review your current coverage, explore available MA plans, and make the switch if it’s right for you.
Is It Time to Make the Switch?
Deciding to switch to a Medicare Advantage plan can save you money or simplify your healthcare coverage, but it’s important to understand all the details before making a move.
If you’re ready to explore Medicare Advantage plans in your area, you can request a personalized quote on Medigap Advisors.
For personalized advice, you can also contact one of our your Personal Benefits Manager. They can help you determine whether switching to Medicare Advantage is the right move this year, ensuring you get the best coverage for your needs.
This is your opportunity to make healthcare more affordable and easier to manage—how often do you get a chance to do both?
Further Reading:
Tom Lockwood is a Personal Benefits Manager at MediGap Advisors. Tom has a passion for bringing clarity to those confused about Medicare. He is an authority on Medicare, Medicare supplement plans, Medicare Advantage plans, and Part D prescription drug plans. Read more about Tom on his Bio page.