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What is Medicare?

Medicare.gov defines Medicare as health insurance for people 65 or older and certain people with specific disabilities. You are first eligible to sign up for Medicare 3 months before turning 65. The Initial Enrollment Period for Medicare begins 3 months before your 65th birthday and continues 3 months after your birthday. Including your birth month, the total length of time the IEP is open is 7 months.

Original Medicare v. Medicare Advantage

Original Medicare

• Part A and Part B enrollment can be separate
• Part D is purchased separately
• You can visit any doctor or hospital that accepts Medicare, anywhere in the U.S.
• You may purchase supplemental coverage in addition to your Part B premium to help limit your out-of-pocket-costs such as the Part A deductible and the 20% coinsurance for Part B
• Does not include any Extra Benefits

Medicare Advantage

• Part A, Part B, are bundled and plans have Maximum-out-of-pocket limits to help cap Part A and Part B expenses Part D is potentially bundled
• Medicare Advantage Plans can come in different forms including HMO, PPO, SNP, and PFFS plans.
• Plans set MOOPs (Maximum-out-of-pocket) limits to help keep medical expenses controlled. MOOPs are part of the Advantage plan and can vary by plan, where you live, and other factors.
• Plans may offer Extra Benefits such as Vision, Hearing, and Dental coverage; Over-the-counter benefits, gym memberships, and more

What is Medigap (Medicare Supplemental Plans)?

Medigap is also known as Medicare Supplemental Insurance. This supplemental insurance plan applies to Original Medicare only. It is an additional policy that beneficiaries can enroll in to cover the gaps left by Medicare. Ten Medigap policies offer various levels of coverage (See table for reference). Each plan letter offers a standardized set of coverages regardless of the carrier or geographic location. While coverages are standardized, plan rates may vary from carrier to carrier and location to location based on the carrier experience with paying claims.

Original Medicare plus Medigap gets you the Cadillac of Medicare coverages.

Medigap premiums are subject to increase.

Original Medicare and Medigap plans do not cover the following:

• Routine dental, vision, and hearing exams (discount programs may be available for enrolees
• Long-term care or custodial care
• Prescription drug Plans need to be purchased separately

What are Medicare Supplements

Medicare Supplements, also known as Medigap policies, are sold by private insurance companies to help you cover the out-of-pocket costs left behind by Medicare. When you have a Medigap policy, Medicare pays up to its limit on your medical expenses. Then, your Medicare Supplement plan with then kick in up to its limit. That limit usually is able to pay off the remainder. However, that will depend on which policy you select.