Everyone over 65 years of age typically ask this question every year and they should. Why? Because the typical cost of medical care for a couple turning sixty-five (65) for the remainder of their life is estimated to be about $300,000. Most people don't have that kind of money or anything like it. So seniors are looking to find the Medicare plan that offers them the best benefits with the least out of pocket cost.
Therefore the question remains, Is a Medicare Advantage plan better for me than a Medigap plan? At the end of the day, it all boils down to personal circumstances and preferences. If you are just turning 65 and in your initial enrollment period you can get into a Medigap plan regardless of any medical conditions. If you've passed your initial enrollment period and have any serious medical conditions a Medicare Advantage plan is your best option. They do not have underwriting criteria for your health.
Another matter to consider is, Medicare Advantage plans have much lower initial cost or upfront cost. Many plans have a low or zero dollar premium. Medigap or Medicare Supplement plans have a monthly premium. However a Medigap plan does exactly what the name indicates and fills or pays the gaps that are not always covered by a Medicare Advantage plan.
If you are in a Medicare Advantage plan you cannot change to a Medigap plan at this time. However if you are in a Medicare Advantage plan that you are not happy with, you can find a new more beneficial Medicare Advantage plan and change to it at this time. It is easy to do and you may be surprised by the benefits that are now being offered through Medicare Advantage plans. There are many Medicare options to consider. It is smart to allow a Medicare specialist, who is a licensed Insurance Agent in your state, to work with you to be sure you are getting all the benefits that you can.