Medicare Annual Enrollment Period Starts In Just…

Medicare supplement insurance, also known as Medigap, is a type of private health insurance designed to cover out-of-pocket costs not covered by Original Medicare (Part A and Part B). These costs can include copayments, coinsurance, and deductibles. Medigap plans help fill the gaps in Medicare coverage and are standardized by the federal government, meaning that each plan of the same letter offers the same benefits, regardless of the insurer. This insurance helps reduce the financial burden on beneficiaries by covering additional expenses related to their healthcare.

Medicare Advantage insurance, also known as Medicare Part C, is an alternative to Original Medicare (Parts A and B) provided by private insurance companies. These plans often include coverage for additional benefits such as vision, dental, and hearing services, which are not covered by Original Medicare. Medicare Advantage plans may also offer lower out-of-pocket costs and different plan structures, such as Health Maintenance Organization (HMO) or Preferred Provider Organization (PPO) models. Enrollees in Medicare Advantage still receive their Medicare benefits through the private plan, but the plan must cover everything that Original Medicare covers.

Medicare Prescription Drug Plans (Part D) are insurance plans offered by private companies to help cover the cost of prescription medications. These plans are designed to work alongside Original Medicare (Parts A and B) or Medicare Advantage (Part C) plans. Medicare Part D plans offer a range of coverage options and formularies, which are lists of covered drugs. Beneficiaries pay a monthly premium, and costs for medications vary based on the plan and the specific drugs prescribed. Enrollment in a Part D plan is voluntary, but having drug coverage is important to avoid potential late enrollment penalties.