Medicare plays an important role in the quality of life for individuals during retirement, and those living with disabilities. It gives eligible persons guaranteed health coverage, helping to insulate them from rising healthcare costs. However, the enrollment process can be confusing and prone to mistakes.
Medicare mistakes can be costly. Choosing the wrong type of coverage, the wrong time to enroll, or even the wrong plan could cost you thousands of dollars.
Medicare Advantage, or Part C, replaces Original Medicare (i.e., Part A - Hospital Insurance and Part B - Medical Insurance) with coverage offered by private companies that contract with Medicare. These carriers often provide extra benefits such prescription drug, dental, vision, transportation, and over-the-counter coverage.
Medicare Part D covers your prescription medications. Plans are offered through private insurance companies that contract with Medicare. These plans can be combined with Medicare Advantage (MAPD), or offered as a stand-alone option.
Medicare Supplement (also called Medigap) fills in the gaps in coverage from Original Medicare. Plans are sold through private insurance companies and will pay for out-of-pocket costs (i.e., co-insurance, co-pays, deductibles, and certain emergencies while traveling overseas). Supplement plans do not cover costs associated with prescription drugs or Medicare Advantage.
Eliminating guesswork and anxiety around coverage decisions.
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