Medicare Supplement Plans
Medicare supplement plans (sometimes called “Medigap” insurance) may help pay some of the healthcare costs that Medicare Parts A and B don’t, like coinsurance, copayments or deductibles.
The benefits from plan to plan are the same from every insurance company (some may offer innovative benefits). The difference is in the company, the quality of service, and the price.To buy a Medicare Supplement plan, you must be enrolled in Medicare Parts A & B, you must live in the state where the policy is offered, and be age 65 or over or, in some states, under age 65 with a disability or end-stage renal disease.
If you join a Medicare Advantage Plan, the plan will provide all of your Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) coverage. This is different than a Medicare Supplement Insurance (Medigap) policy.
Medicare Part D
Medicare Part D, also called the Medicare prescription drug benefit, is an optional federal-government program to help Medicare beneficiaries pay for self-administered prescription drugs through prescription drug insurance premiums (the cost of almost all professionally administered prescriptions is covered under optional Part B of United States Medicare).