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Medicare Insurance Plans

Medicare is all about options. Learn about each insurance plan, how they work, and explore which Medicare plan is right for you.

What is Medicare?

Medicare is a federal program, managed by the Centers for Medicare & Medicaid Services (CMS), that provides health insurance to eligible United States citizens and legal permanent residents of five or more continuous years. You’re eligible for Medicare if you’re 65 or older or under 65 through disability. You may also qualify for Medicare at any age if you have end-stage renal disease requiring dialysis or a kidney transplant, or amyotrophic lateral sclerosis (also known as Lou Gehrig’s disease).

Medicare beneficiaries can generally get their health coverage in two ways: through Original Medicare, the government-run program; or through a Medicare Advantage plan, offered through Medicare-contracted private insurance companies.

When you first become eligible for Medicare coverage (either by age, disability, or having the above-mentioned health conditions), you can apply for Original Medicare, the federal program. Original Medicare is made up of two parts, Part A (hospital coverage) and Part B (medical coverage).

Once you are enrolled in Medicare Part A and/or Part B, you may have other Medicare coverage available to you. These include:

• Medicare Advantage Plan (Part C): These plans are offered by private insurance companies. If you enroll in this plan, it will provide you Medicare Part A and Part B coverage. Advantage plans are quite popular because they offer lower premiums, smaller copays and lower deductibles. Many Advantage plans also include Prescription Drug Plans (PDP).

There are four different types of Medicare Advantage Plans:

  1. Health Maintenance Organizations (HMOs)
  2. Preferred Provider Organizations (PPOs)
  3. Private Fee-For-Service (PFFS)
  4. Special Needs Plans (SNPs)

• Medicare Supplement Plan (Medigap): These plans provide supplemental health insurance for health care costs not covered by Medicare Part A and Part B, such as co-pays, deductibles, and health care if you travel outside of the United States. Supplement plans are sold by private insurance companies and you must pay a monthly premium for a Medigap plan. Medigap plans do not include or cover prescription drugs. Therefore, this gives individuals the opportunity to enroll in a stand-alone Medicare Prescription Drug Plan (Part D). Always remember that Medigap plans only supplement your Medicare Part A and Part B benefits.

• Medicare Prescription Drug Plans (Part D): This plan will help you pay for your prescription drugs. Part D plans are offered by private insurance companies that are approved by Medicare. This type of coverage is optional, and it is available to anyone enrolled in Medicare Part A, Part B, and most Medicare Advantage plans.

Prescription Drug Plans have a monthly premium and copays. Most of the plans also have an annual deductible that you must pay before your drug coverage begins.

If you would like more information on a specific Medicare insurance plan, call 1-800-991-4407 to speak with our licensed insurance agents.

  • For more information on Medicare Advantage Plans, click here.
  • For more information on Medicare Supplement Plans, click here.
  • For more information on Medicare Prescription Drug Plans, click here.
  • For more videos on Medicare plans, enrollment and eligibility, click here.