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Yvonne was great helping me with my Medicare supplement and changing my prescription plan to one tailored to my needs.
Medicare Supplement Plans
- Also known as Medigap plans, these plans can be purchased in addition to traditional Medicare
- Offered by private insurers
- Must conform to federal and state laws
- You must be enrolled in Medicare Part A and Part B to qualify
- You are responsible for paying the premium in addition to your Medicare Part B premium
- Some plans do not cover certain services such as foreign travel emergencies or skilled nursing facility coinsurance
- Does not include a prescription drug benefit
Medicare Advantage Plans
- Offered by private insurers who contract with Medicare
- Many plans include a prescription drug benefit while some also offer vision and dental benefits
- Can be a Health Maintenance Organization (HMO), a Preferred Provider Organization (PPO), a Private Fee-for-Service Plan (PFFS), or a Special Needs Plan or Chronic Care Plan
- Features a Managed Care component to monitor and improve quality of care and control costs by reducing unnecessary duplication of services
- Out-of-network care may be partially covered
- The larger the enrollment in the local or regional plan, the greater the number of
specialists in the network
- Some plans have $0 premiums
Prescription Part D Drug Plans
- Designed to lower the cost of prescriptions
- Allows you to add prescription drug coverage to Medicare supplement insurance
- There is an additional monthly premium
- If you do not sign up for a Prescription Part D Plan when eligible, you could pay a penalty for the rest of your life
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