Filling in Your Coverage Gaps
While Original Medicare provides a strong foundation, it does not cover all healthcare costs or services. To help with out-of-pocket expenses and provide additional benefits, private insurance companies offer several Medicare-approved plan options:
Part C plans are an all-in-one alternative to Original Medicare. Offered by private insurance companies approved by Medicare, these plans provide all the same benefits as Original Medicare (Parts A and B), and commonly include additional benefits such as prescription drug coverage, dental, and vision.
It is important to know that while these plans often offer benefits with a low or zero dollar monthly premium, they typically use copayments and deductibles for services, meaning you will have out-of-pocket costs you may have to pay for certain services like doctor visits, or hospitalizations, for example. All Part C plans are federally required to include Maximum Out-of-Pocket (MOOP) limits for covered services, which acts as a protective cap on your annual spending.
These standardized plans work alongside Original Medicare (Parts A and B) to pay for some of the costs you would otherwise be responsible for, such as copayments, coinsurance, and deductibles. They are a valuable option for beneficiaries seeking more predictable out-of-pocket healthcare expenses. Expect to pay a monthly premium for a Medigap plan and know that you cannot combine these plans with Medicare Advantage plans. They also do not include Part D drug coverage so you'll need to purchase a stand-alone plan for your prescription drugs.
Part D is a stand-alone plan designed specifically to help cover the cost of prescription drugs. It can be purchased alongside Original Medicare and Medigap plans. (Drug coverage may also be available as part of a Medicare Advantage plan, but you cannot be enrolled in a Medicare Advantage Prescription Drug Plan (MAPD) and a Part D plan simultaneously)
Because coverage and costs vary significantly, it is essential to compare the specific plans available in your area. Schedule time to speak with a licensed insurance agent, by clicking the link below, who can provide guidance on Medicare products.
For more information, please visit the official government website at Medicare.gov.
