Choosing between enrolling in a Medicare Advantage plan or buying a Medicare Supplement (i.e. MediGap) policy can be confusing for many Medicare beneficiaries. Although the basics of Medicare are relatively easy to grasp, the less obvious specifics that lie beneath the surface of each option can be more daunting, frequently misunderstood, and often misrepresented- which can lead to a misguided, and sometimes irreversible, decision made by the beneficiary. The purpose of this article is to provide a straightforward pros and cons evaluation of each of these options, which I believe will help you to make a more informed decision regarding your Medicare coverage.

Medicare Advantage (MAPD) combines Medicare Parts A, B and D (prescription drug coverage) together into one plan, referred to as Part C. These plans have become increasingly popular over the past decade due to the inclusion of many benefits not provided by Original Medicare (Part A + Part B), including dental, vision, transportation, ability to order over-the-counter products and some plans even help beneficiaries for their monthly Part B premium. These plans also provide financial protection by limiting the out-of-pocket costs a beneficiary is required to pay each year for Medicare services. Enrollment in Medicare Advantage has almost doubled over the past decade. In 2019, one-third (36%) of all Medicare beneficiaries (i.e. 22 million people) were enrolled in a Medicare Advantage plan. Between 2018 and 2019, total Medicare Advantage enrollment grew by about 1.6 million beneficiaries, or 8 percent. The Congressional Budget Office (CBO) projects that the percentage of beneficiaries enrolled in a Medicare Advantage Plan will rise to about 47% by 2029. In total for 2021, there are 3.550 different Medicare Advantage plans available nationwide for individuals to enroll in. This represents a 13% increase (402 more plans) compared 2020. This is a good thing for Medicare beneficiaries, because each different plan offers a slightly different combination of benefits- allowing consumers to the leverage to shop around for the plan that best fits their lifestyle and health care needs. While a Medicare Advantage plan can be a great option for Medicare beneficiaries, enrolling in the wrong plan can potentially cause problems. It is therefore necessary to carefully evaluate the plan’s specifics plan before enrolling. Following is a checklist of things that you should consider prior to choosing a Medicare Advantage plan: