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In most states, there are up to 10 standardized insurance plans called Medicare Supplements or Medigap plans that are lettered A through N. The insurance companies selling these plans are required by law to provide standardized coverage — meaning they have to offer the same benefits — so, the only difference between one company’s plan and another of the same letter is price. 

Medigap plans offer additional benefits that original Medicare do not, such as: 

• Medicare Part A deductible
• Part B excess charges
• Part B preventative care
• Skilled nursing facility care coinsurance
• Foreign travel emergency care (up to plan limits)
• First three pints of blood of a transfusion (per calendar year)

Some plans purchased before January 1, 2020 cover Medicare Part B’s deductible, but are being phased out.

You become eligible to enroll in a Medigap plan the first day of the month you are both age 65 or older and enrolled in Medicare Part B. Initial open enrollment lasts for six months after you first are enrolled in Part B. 

In most states, this is the best time to apply for a supplement because it is the only time you can receive guaranteed coverage and not be denied for having pre-existing conditions. 

You can apply after this date, but you may be denied coverage or charged a higher premium based on your condition. 

In some states, there are multiple times of open enrollment in which you can receive guaranteed coverage. Be sure to speak to a licensed Medicare agent to get state-specific Medicare information.

Medicare Advantage plans are a type of health plan offered through private insurance companies that contract with Medicare to provide all your Part A and Part B benefits as well as additional benefits not included with original Medicare. 

You must be enrolled in original Medicare to qualify for this plan, also known as Medicare Part C, as it is not a replacement. However, these plans can sometimes be provided at no additional cost. 

Eligibility is simple. In most cases, if you have Medicare Part A and Part B, you are eligible for an Advantage plan. The only catch is you must live in the service area.

MA Plans are essentially all-in-one health coverage plans offered by insurance companies that are approved by Medicare. You still have Medicare when you are enrolled in a Medicare Advantage plan and you still pay your Part B premium.

Medicare actually pays a fixed amount for your care every month to the insurance companies offering Medicare Advantage. That is how companies offering these plans can sometimes provide them at no extra cost to you. If not, there will be some sort of premium for your Advantage plan.

Typically, Advantage plans are managed and have networks of contracted health care providers. You’ll select a primary care physician who helps control your care. If your plan includes prescription drug coverage, you may also receive medication management. This coordination surrounding your health care is very convenient.

This plan includes Medicare Part A and B while usually including prescription drug coverage as well. 

In addition to those benefits, your plan offerings could also include dental, vision, and hearing. 

Other extra benefits can include: 

• Wellness programs
• Fitness center membership
• Transportation to doctor visits
• Over-the-counter drugs
• Adult day-care services

And because these plans can come at no additional cost to you in some cases, it’s worth it to see if you can take advantage of all the extras you’ll receive.

Medicare Part D is an optional benefit available to every Medicare beneficiary. It is the part of Medicare that covers most outpatient prescription drugs. It is offered through private insurance companies either as a stand-alone plan or as a part of your bundled Medicare Advantage plan. 

Each plan has a list of covered prescription drugs called a formulary. If a drug you need is not on the formulary, you can request an exception or file an appeal.

Formularies contain drug categories or a group of drugs that treat the same things or have similar effects on the body. All Part D plans are required to include at least two drugs from most categories and cover all drugs in these categories: 

• HIV/AIDS treatments
• Antidepressants
• Antipsychotic medications
• Anticonvulsive treatments for seizure disorders
• Immunosuppressant drugs
• Anticancer drugs (unless covered by Part B)

Most vaccines are also covered unless they are covered already by Part B.

There are also some drugs excluded from Medicare coverage by law like weight loss or gain drugs and over-the-counter drugs.