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Medicare Advantage is private insurance that is Medicare-approved and serves as an alternative to Original Medicare (Parts A and B). These plans combine the benefits of Medicare Parts A, B and often Part D into a single plan. Many Part C plans also offer additional benefits like routine dental and eye care. Similar to traditional insurance, these plans usually have a network of participating physicians from which you will required to choose. You must be enrolled in Parts A and B in order to join a Medicare Advantage plan. It’s important to note that while these plans may come at low or even no cost, you will still be required to pay for Medicare Part B. Some plans offer a Part B rebate. (i)
As the name suggests, these plans are intended to supplement your original Medicare coverage by helping you cover some or all of the out-of-pocket expenses not paid by Medicare. They are provided through private insurance companies and offer many choices based on the amount of coverage you need, how much your deductible and copays will be and more. A major benefit of Medicare Supplements is that you can see any provider at any hospital that accepts Medicare. These plans vary greatly in cost. (i)
Part D is simply a prescription drug plan. They help lower the cost of your prescription medication and find the most convenient pharmacies to work with. Most states have about 30 drug plans to choose from, and again, vary greatly in the cost of both the plan, and the drugs that are covered under the plan. They may also limit your options for pharmacies. The best way to determine which one is the right fit for you is to have your agent run a Part D analysis using Medicare’s prescription drug finder tool. (i)
Social Security Adminstartion has a “Low Income Subsidy” program to give “Extra Help” with Medicare Part D for people with limited income and can help with with the cost of your prescription drugs, like deductibles and copays. We can help you apply for Extra Help any time before or after you enroll in Part D
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