MEDICARE PLANS

Medicare Supplements: sometimes called “Medigap” insurance, help pay for the things traditional Medicare doesn’t. Medicare Supplemental Plans are standardized and are identified in most states by letters. Although the plans are standardized (as an example, a plan F will always have the same benefits), insurance carriers can charge different rates for these plans, so it can be helpful to shop around. If you live in Massachusetts, Minnesota or Wisconsin, Medigap plans are standardized in a different way.

Medicare Part D plans may help you save on the cost of your prescriptions and by having predictable drug costs this will help you manage your health care budget. The best time to enroll in a Part D plan is during your Initial Enrollment Period (IEP) — which starts three months before your 65th birthday, includes the month you turn 65, and ends three months after your birthday. However, to qualify for a Medicare Part D plan, you need to be enrolled in Part A and Part B first.

Medicare Part C is another name for Medicare Advantage. Medicare Part C is administered by private insurance companies contracted with Medicare. Medicare Part C covers everything that Original Medicare (Part A and Part B) cover and may cover extra benefits as well. Unlike Original Medicare, Medicare Part C generally offers coverage for prescription drugs you take at home. The exact prescription drugs that are covered are listed in the plan’s formulary. Formularies may vary from plan to plan.