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

You Should Also Check Out...

10 Things You Should Know About Medicare
How to Set Up a Medicare Account
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