Medicare Supplements, Advantage Plans & Part D Prescription Drug Plan

We recommend you read the article outlined below before you follow the steps. This reading will help you understand how Medicare supplements, Medicare Advantage plans and Medicare Part D all fit together.

Click here to go to the step-by-step instructions.

Important Links

Social Security financial assistance information for Medicare prescription drug plan enrollees who failed to apply or were denied. About one out of three Medicare recipients should qualify for financial aid. Definitions of low income, instructions and online application.

Medicare lists nationwide of available state and local area Medicare Advantage plans and Medicare Part D prescription drug plans.

Links to most of the 311 organizations approved by Medicare to offer Medicare Advantage plans and Part D Prescription Drug Plans. Plan details and formularies where available. (We couldn't find links for 38 organizations)

Medicare web page for comparing plans in your area. Read our instructions above first since this can be a little confusing.

Medicare Formulary Finder for Prescription Drug. click on "formulary (drug list) finder".

List of State Health Insurance Assistance Program (SHIP) counselors in every State and several Territories that are available to provide free one-on-one help with your Medicare questions or problems.

Medicare's complete database on all available plans and providers. Zipped files requiring Microsoft Excel spreadsheet.

>>Click here for full article in print friendly format>>

This article follows the following outline:

History of Health Insurance and Medicare
Medicare Eligibility and Cost
Original Medicare (Medicare Fee for Service)
What is "assignment" in the Original Medicare?
Gaps in Original Medicare Coverage
Seniors with No Supplemental Protection for the Medicare Gap
Medigap Policies (Typically Called "Medicare Supplement Policies")
The Medicare Modernization Act of 2003
Medicare's Special Health Plans--Medicare Advantage Plans

Medicare Part D-New Prescription Drug Plan
Understanding the Coverage

What Is The Basic Coverage?
Who Offers the Insurance?
What do PDP Plans Cost?
What Are the Enrollment Options?
What Drugs Are Available?
What Is the Penalty for Failure to Enroll?
What about Those People Who Have Existing Drug Coverage?
How Are the Premiums Paid?
How Are the Private Plans Designed?
What Are the Subsidies for a Third of Medicare Beneficiaries?
What Happened -- Why Is It so Confusing?

Choosing a Plan

If I Have No Current Drug Coverage and I'm Taking No Medications or the Ones I'm Taking Are Not Very Costly Should I Buy into a New Drug Plan?
If I Have No Current Drug Coverage and Want a Plan, Should I Buy an Individual, Stand-Alone Drug Plan or Should I Consider Buying Drug Coverage in Combination with a Medicare Advantage Plan?
If I Have a Medicare Supplement Policy with Drug Coverage, Should I Drop the Drug Coverage and Buy a Stand-Alone Plan? Or Should I Drop the Supplement in Favor of an Advantage Plan with Drug Coverage?
If I Have Current Drug Coverage through a Former Employer Can I Drop That Coverage in Favor of a PDP? If so Will It Cost Me More Money, or Should I Keep It or Buy a New Plan?
What is the Best Way to Gain Knowledge and to Sign up for a Plan?
Who Can Help Me Evaluate Plans?
I Don't Understand the Financial Implication of the Coverage Gap or Doughnut Hole, How Do I Deal with It?
How Can I Compare Plans Myself?
How Do I Get More Details on the Plan Such As Tiered Co-Pays, Pharmacy Network and Formulary Lists?
Can I Sign up without Meeting with an Insurance Agent?
Can I Change My Mind?