This Insurance coverage sold on an individual or group basis, helps fill the “gaps” in the protections granted by the federal Medicare program. It cannot duplicate Medicare benefits and is strictly considered as supplemental. It is structured to pay part or all of Medicare’s deductibles and co-payments and may also cover some services and expenses not covered by Medicare. Also known as “Medigap” insurance.
An HMO, PPO, or Private Fee-For Service Plan that contracts with Medicare Advantage Prescription Drug Plan and also includes drug benefits. The plan may provide additional coverage such as vision, hearing, dental, and/or health and wellness programs. Medicare pays a fixed amount for insured’s care every month to the companies that offer Medicare Advantage plans.
As a Medicare beneficiary, you don’t automatically get prescription drug coverage. This Medicare Prescription Drug coverage is optional, but can be valuable if you take medications. If you don’t sign up when you’re first eligible, you might have to pay a late enrollment penalty if you decide to enroll later.