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