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Medicare Advantage (Part C)
Medicare Advantage (or Part C) is Medicare health insurance provided by a private carrier that contracts with Medicare. These plans must provide benefits equal to those under Original Medicare, but often include additional benefits, such as Prescription Drug coverage (or Part D), vision, hearing, dental and other health-related services.
Medicare Supplement Plans
A Medicare supplement ( also known as Medigap) insurance, sold by private companies, can help pay some of the health care costs that Medicare doesn’t cover, like copayments, coinsurance, and deductibles.
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If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Your Medigap policy pays its share.
Prescription drug plans
Part D (Medicare Prescription Drug Coverage) helps cover cost of prescription drugs, may lower your costs and protect against higher costs.
Medicare prescription drug coverage is an optional benefit offered to everyone who has Medicare. This page explains how to get prescription drug coverage and offers tips for making the right choices for you.
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If you decide not to get Medicare drug coverage when you’re first eligible, you’ll likely pay a late enrollment penalty if you join later, unless one of these applies:
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You have other creditable prescription drug coverage
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You get Extra Help
Generally, you’ll pay this penalty for as long as you have Medicare prescription drug coverage.
To get Medicare drug coverage, you must join a Medicare plan that offers prescription drug coverage. Each plan can vary in cost and drugs covered.
Hospital indemnity plans
Hospital indemnity insurance supplements your existing health insurance coverage by helping pay expenses for hospital stays. Depending on the plan, hospital indemnity insurance gives you cash payments to help you pay for the added expenses that may come while you recover. Typically plans pay based on the number of days of hospitalization.
Even if your medical insurance covers most of your hospitalization, you can still receive payments from your hospital indemnity insurance plan for extra expenses while recovering.
Final Expense
Final expense is a smaller permanent life insurance policy typically intended to help older adults cover funeral costs and other end-of-life expenses.
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Also sometimes called “funeral insurance” or “burial insurance,” final expense life insurance typically provides a guaranteed payout to help loved ones pay for a funeral service, burial or cremation, doctor or hospital bills, or other immediate expenses after a death. Like other types of permanent insurance, final expense insurance will never expire as long as you keep up with your premiums.
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Since coverage amounts are lower than other types of life insurance, like term or permanent insurance, the premiums for a final expense policy tend to be affordable. Coverage amounts can range from a few thousand dollars up to $35,000, in some cases.