In choosing Medicare coverage, settling for the one that best fits you is not always easy. The two main ways to get your Medicare coverage are original coverage—Part A and Part B—and Medicare Advantage Plan (Part C). Some may need extra coverage like Medicare Supplement Insurance (Medigap).
Medicare supplements (Medigap) are private insurance plans that are designed to offset what is not covered by Medicare. Part of these plans will cover all Medicare deductible and copay charges. The others will be responsible for some other charges. The private insurance company will receive a monthly premium.
Medigap plans do not need referrals, and you can get access to any available Medicare doctors and hospitals in the US. popular Medigap plans are F, G, and N. There is no coverage for prescriptions under Medigap plans, and for that reason, a lot of people will enroll in a Medicare Part D Prescription plan in addition to the Medicare Supplement.
Medicare Part D
This is a prescription drug benefit program initiated via the Medicare Prescription Drug Act of 2003. It is also known as the Medicare Modernization Act.
To enroll in Medicare, you have three months before you turn 65 and three months after. This seven month period is critical because:
- There is a cost penalty attached to Part B and Part D if you fail to enroll within the seven month window period.
- You’re acceptance to a Medicare Supplements is guaranteed within the enrollment period. However, outside the open enrollment, your application may be declined for medical reasons.