Medicare Insurance Guide

Medicare Insurance provides seniors age 65+ with additional options to supplement Medicare. Generally speaking, Medicare only covers 80% of your doctor and/or hospital bills. The rest is up to the individual to cover. As a result, seniors are increasingly turning to medicare insurance to help offset what Medicare doesn’t cover. These options include Medicare Supplemental Insurance which often covers costs that Medicare doesn’t pay; Medicare Advantage plans which are private insurance plans as an alternative to Medicare and Medicare Part D which is optional prescription drug coverage.

How Does Medicare Insurance Work?

Medicare Insurance providers offer options to enhance Medicare. These products add on to Medicare by generally covering the gaps in Medicare coverage. We encourage consumers to research providers and compare costs, coverage, premiums, etc.

What Are The Different Types of Medicare Insurance?

There are several factors to consider before deciding to proceed with medicare insurance. As with any large decision, it’s helpful to have an understanding of the pros and cons associated. Some of them include:

Medicare Supplement Insurance, also known as Medigap:

• Generally covers the costs that Medicare doesn’t pay, such as deductibles, copayments, and coinsurance.
• Since Medicare typically only covers 80% of costs this supplemental insurance generally covers the remaining amount.
• Similar to Medicare, there is no referral or network needed. If your physician or hospital accepts Medicare they will accept your Medigap plan.
• It does not cover prescription drugs. You would need to purchase a Medicare Part D, also known as Prescription Drug Coverage plan.

Medicare Advantage, also known as Part C:

• Insurance plans offered by private companies as an alternative to Medicare. These plans are overseen by CMS (Centers for Medicare and Medicaid Services).
• These plans typically have additional benefits that aren’t covered by traditional Medicare.
• Plans look more like employer plans with a range of HMO, PPO and other options. You can pick a plan based upon your budget and your needs.

Medicare Part D, also known as Prescription Drug Coverage:

• Optional coverage that works in conjunction with Medicare Part A and/or Part B. Provides a list of covered medications. At least two medications are provided for each disease class.
• Plans for Medicare Part D vary on premium, deductible, copay amounts, tiers, and pharmacy.

What is the Process of Getting Medicare Insurance?

The process of getting medicare insurance is straightforward and typically entails the following steps:

1. Research and identify companies that may be right for you. Fill out an online form or give them a call to start the process.
2. Speak to a Licensed Insurance Agent to discuss your particular circumstances and to have your questions answered.
3. Should you choose to proceed, you can enroll in one or more medicare insurance plans such as Medigap, Part C for a private insurance plan, and/or Part D for a prescription drug plan

In-Depth Reviews

Please check out our in-depth reviews of the following Medicare Supplement and Medicare Advantage insurance providers:

• Aetna Medicare
• Cigna Medicare
• Humana Medicare
• Mutual of Omaha Medicare
• United Healthcare Medicare

How We Rate Medicare Insurance Providers

We identify Medicare insurance companies. Medicare Insurance companies are evaluated based on five factors that we believe are important for consumers: years in business, number of products offered, customer service availability, state licensing footprint, and Better Business Bureau (BBB) Ratings. Please find a full description of our ratings system here. Disclosure: We do receive advertising compensation from some partners, which influences what companies appear on our site and where they appear. For additional details please click here. 

Last updated: 6/3/24