The Best Insurance Plans for Your Medicare Needs

Medicare is the federal health insurance program primarily for people age 65 and older, but it also covers certain younger individuals with disabilities and those with End-Stage Renal Disease. Eligibility generally begins three months before you turn 65 and extends for seven months (your Initial Enrollment Period).

Most people enroll during their Initial Enrollment Period (IEP), which is a seven-month window that begins three months before the month you turn 65, includes your birthday month, and ends three months after. Missing this period may result in penalties or delayed coverage. There are also Special Enrollment Periods for those with qualifying life events.

Original Medicare (Parts A and B) is administered by the federal government and allows you to see any provider who accepts Medicare. Medicare Advantage (Part C) is offered by private insurance companies and typically includes additional benefits like prescription drug coverage, dental, vision, and hearing care, but usually requires you to use network providers.

Medicare Advantage plans are comprehensive private insurance plans that replace your Original Medicare coverage. These "all-in-one" plans bundle Part A (hospital), Part B (medical), and usually Part D (prescription drugs) into a single plan, often including additional benefits like dental, vision, hearing, and wellness programs.

Most Medicare Advantage plans do include prescription drug coverage—these are called MA-PD plans. This eliminates the need for a separate Part D plan. However, it's important to verify that your specific medications are covered on the plan's formulary and that your preferred pharmacies are in-network.