Medicare and Supplemental Plans

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Medicare Supplements

Medicare is a federal health insurance program for people 65 years of age or older.  It pays for much of your health care, but not all of it.  Such costs could include prescription drugs, deductibles and coinsurance.

Medicare supplement insurance, sometimes called Medigap, fills in some of the gaps between what original Medicare pays and what you must pay out-of-pocket.  Medicare supplement policies are sold by private insurance companies that are regulated by CMS (Centers for Medicare and Medicaid Services). 

Medicare Advantage Plans

Medicare has contracts with insurance companies to offer Medicare Advantage plans in specific geographic areas.  Medicare pays the plan a set amount each month, and the plan provides Medicare parts A and B services. 

You pay your monthly Medicare Part B premium, any premium the Medicare Advantage plan charges, and any copayments, deductibles and coinsurance.  To be eligible, you must have both Medicare parts A and B and live in the plans service area.

Prescription Drug Plans

Prescription Drug plans may be offered as part of a Medicare Advantage plan or as a stand alone plan.  These plans often have a deductible that must be met before coinsurance is paid for your prescriptions.  The premiums, deductibles and formulary lists may vary widely depending on the company offering the plan as well as the plan itself.

What should I do?

The above is only a brief description of just a few Medicare approved plans.  Trying to understand the details of these plans and knowing what to do may seem overwhelming.  Put your mind at ease by contacting us.  We will be more than happy to give you kind and patient answers to your questions.