Medicare Supplement (Medigap)

These policies are a type of supplemental insurance to help pay some of the out of pocket costs in Original Medicare (like your deductibles and co-insurance). They also offer benefits not covered under Original Medicare (like emergency health care outside of the US). You need both Part A and Part B to buy a Medicare Supplement policy.

Medicare Advantage Plan (also called Medicare Part C)

Instead of Original Medicare (through the government ), you can join a Medicare Advantage Plan insured by a private insurance company, whereby you will get your Part A and Part B-covered services through the Medicare Advantage Plan. The plan may also offer extra coverage, such as vision, hearing, dental and/or health and wellness programs. Most include Medicare prescription drug coverage. Most Medicare Advantage Plans have provider networks. This means you probably have to see doctors who belong to the plan, or go to certain hospitals to get covered services (other than for emergency care), or else you may have extra costs. You may also need referrals to see specialists. Cost, extra coverage and rules vary by plan To join a Medicare Advantage Plan you must have both Medicare Parts A and B.

Medicare Part D Prescription Drug Plan

Medicare offers prescription drug coverage to everyone with Medicare, but you must sign up for it. You get Medicare prescription drug coverage by joining a Medicare Prescription Drug Plan or through a Medicare Advantage Drug Plan that offers drug coverage.

Medicare drug plans are run by private companies that contract with Medicare, and there may be dozens of different plans available where you live. These plans cover a variety of brand-name and generic prescription drugs, but costs and coverage are different in every plan.

You can join a Medicare drug plan when you first become eligible for Medicare. After this Initial Enrollment Period, you can change your plan every year during the Annual Enrollment Period (October 15 to December 7). If you make changes during this period, your new coverage will begin January 1 of the following year. If you do not join a Medicare drug plan when you are first eligible for Medicare, and you go without creditable prescription drug coverage for 63 days or more in a row, you may have to pay a late enrollment penalty to join a plan later. You may also have to wait for the next open enrollment to sign up.

Important Information and Disclaimer

This information supplied herein is intended as a summary only and is not intended to be a substitute for Official Medicare documents and regulations published by the Centers for Medicare & Medicaid Services.  Official Medicare Program legal guidance is contained in the relevant statutes, regulations and rulings. This summary has not been approved by the Centers for Medicare & Medicaid Services.

Feder Insurance Services has access to mostly all of the Insurance companies in New Jersey who offer health products to the small group market, including Horizon Blue Cross Blue Shield, Amerihealth, Aetna, Oxford, United Healthcare and others. This access, together with our knowledge of the strengths and weaknesses of each Plan, enable us to tailor the best Health Insurance program for you.  

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