This supplemental insurance, often referred to as "medigap" coverage, pays for expenses that are not covered by Medicare. Participants in Medicare Part A and B can choose to participate in Part C and/or D, or they can choose to purchase supplemental insurance from a private carrier.
(To learn more about Medicare coverage options, see "Getting Through The Medicare Part D Maze.") Many people find the array of coverage options and pricing to be particularly confusing. While Part D is a voluntary program, Medicare recipients have to seriously review their health care needs in advance because the cost of Part D increases each year for individuals who choose not to participate immediately upon eligibility.Īlthough prescription drug coverage is particularly important for many senior citizens and Part D does help, the program has drawn heavy criticism. 31 each year, during which program participants can choose to change their coverage options. Like employer-provided health care plans, Part D holds an open enrollment session Nov. The monthly cost varies widely depending on the coverage options you choose. Part D is an optional insurance program that charges a monthly fee in exchange for prescription drug coverage. In 2006, the program expanded again to offer prescription drug coverage (Part D). Part C is available in most areas and provides a convenient way to receive medical services. The private provider also covers services not provided by Parts A and B. A menu of offerings is available with a variety of coverage options, co-payments and monthly costs. It operates like the health care coverage provided by most employers. Part C gives Medicare beneficiaries the opportunity to enroll in private health care plans and receive all Medicare services, including Part A and Part B, from a private provider. Click here for a free trial of the Turnaround Letter and to get his current buys. Special Offer: Turnaround Letter Editor George Putnam told subscribers to buy Apple at $7.82 in 2003, turning $10,000 into more than $250,000 in four years. The Medicare program still fulfills its original role but was expanded in 1997 and refined in 1999 to include Medicare+Choice (Part C), now known as "Medicare Advantage."