Medicare Advantage, also called Medicare Part C, combines the benefits of Original Medicare (Part A and Part B) into a single plan with additional coverage, like dental, vision, hearing, and more.
Medicare Supplement, or Medigap insurance, bridges the coverage gap left by Original Medicare (Part A and Part B) and covers costs like deductibles, copayments, and coinsurance.
Medicare Part D Prescription Drug Plans (PDP) work in tandem with Original Medicare (Part A and Part B) and Medicare Advantage plans to provide prescription drug coverage.
Dental and vision plans are additional ancillary products beneficiaries can purchase (as standalone or part of Medicare Advantage) since they are not included in Original Medicare (Part A and Part B) coverage.
Medicare Part A, Medicare Part B, and Medicare Advantage all offer different types and levels of senior wellness coverage for Medicare beneficiaries.
Insurance Type | What it Covers | Why It's Imporant |
---|---|---|
Medicare Advantage (Part C) | Combines hospital (Part A) & medical (Part B) coverage, often with drug coverage (Part D) | A bundled, all-in-one option with potential extra benefits like dental, vision, and hearing |
Medicare Supplement (Medigap) | Helps pay out-of-pocket costs not covered by Original Medicare (like deductibles & copays) | Reduces unexpected medical expenses & allows freedom to see any doctor that accepts Medicare |
Prescription Drug Plan (Part D) | Covers prescription medications | Helps manage medication costs and avoid late enrollment penalties |
Long-Term Care Insurance | Pays for extended care needs like home health care, assisted living, or nursing home care | Protects savings from the high costs of long-term care services |
Hospital Indemnity Insurance | Provides a cash benefit for hospital stays, surgeries, and other inpatient services | Helps cover high hospital bills and out-of-pocket costs not paid by Medicare |
Short-Term Care Insurance | Insurance Covers temporary recovery care after an illness or injury | A cost-effective alternative to long-term care for those needing short-term rehabilitation |
Final Expense Life Insurance | Helps cover funeral, burial, and other end-of-life expenses | Provides financial relief to loved ones when planning final arrangements |
For the latest information on Medicare plans, visit the Medicare.gov website.
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