Medicare Supplement Insurance, also known as Medigap, helps cover the costs of health care that traditional Medicare doesn’t pay for. It can help you pay for things like deductibles and coinsurance.

Part D Plan is for prescriptions and usually pairs with a Medicare supplement plan. If you do not take a Part D plan when you are eligible and don’t have coverage such as VA, Tricare or creditable employer coverage you will be subject to the penalty.

Part D Penalty is the price you pay for not enrolling in a Medicare Part D plan. If you’re eligible for Medicare and don’t enroll, you’ll have to pay what’s called a Part D penalty, or late enrollment penalty, every month that you don’t have prescription drug coverage.

The penalty amount is 1% of the national average premium for all Part D plans for each month that an individual remains out of compliance with the requirement to enroll in a qualifying prescription drug plan.

If you’re still working and covered by an employer-sponsored health plan, then you can avoid paying the penalty by remaining in your current plan. However, if you are no longer employed and don’t have other health coverage options, then it’s important for you to sign up for a Medicare Part D plan as soon as possible.

Medicare Advantage (Part C) is a type of Medicare coverage. It combines health insurance with traditional Medicare benefits (parts A, B, and D) and adds additional services.

Medicare Advantage plans are offered by private companies approved by Medicare. They provide all the benefits of original Medicare (Parts A & B) plus extra benefits that are not covered by Original Medicare. These plans also give you the flexibility to see any doctor or hospital that accepts Medicare within their network.

Some plans may offer additional benefits too like dental or vision coverage!