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Sea Side Retirement Services LLC
Sea Side Retirement Services LLC
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(860) 912-5600


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Sea Side Retirement Services Medicare Guide

Medicare Advantage - Medicare Supplement - Part D - Penalties 

medicare advantage vs supplement

Medicare Advantage


  • Pay as you go healthcare (each service typically costs a small to large copay)
  • Includes Part C & Prescription Drugs
  • Medicare Advantage plans often include coverage beyond what is offered by Original Medicare (Part A and Part B). Instead of being administered by the government, Medicare Advantage plans are offered by private insurance companies that are approved by Medicare. These plans must cover all the services that Original Medicare covers, but they may do so with different costs and restrictions.
  • Medicare Advantage plans can change their coverage and costs each year, so it's crucial to review your plan annually and consider switching if necessary.

Medicare Supplement


  • Prepaying for your healthcare (cannot pay anymore than your monthly premium)
  • Does not include Part C Benefits 
  • A PDP Plan must be picked up on the side – Dental Hearing and Vision are often times paid out of pocket
  • Medicare Supplement, also known as Medigap, is a type of private health insurance designed to supplement Original Medicare (Part A and Part B). Medigap plans are offered by private insurance companies and can help pay for some of the healthcare costs that Original Medicare doesn't cover, such as copayments, coinsurance, and deductibles. 
  • Medigap plans are standardized, meaning they are labeled with letters (A, B, C, D, F, G, K, L, M, and N) and offer the same basic benefits regardless of the insurance company. However, not all plans may be available in every state.  While the coverage is standardized, premiums can vary among insurance companies. It's essential to compare plans and shop around to find the best combination of coverage and cost for your needs. 

 Part D


  • Medicare Part D plans are offered by private insurance companies that are approved by Medicare. These plans provide coverage for prescription medications and are designed to work alongside Original Medicare (Part A and Part B) and Medicare Advantage plans. 
  • Part D plans offer a range of prescription drug coverage options. Each plan has a formulary, which is a list of covered drugs. It's important to choose a plan that covers the specific medications you need. Part D plans typically have monthly premiums, annual deductibles, and cost-sharing in the form of copayments or coinsurance. The costs can vary widely among plans, so it's important to compare plans to find one that fits your budget and meets your prescription needs.  

Part D Penalty


  • Part D Penalty: If you don't sign up for a Medicare Part D prescription drug plan when you're first eligible and you don't have other creditable prescription drug coverage (coverage that is expected to pay, on average, at least as much as Medicare's standard prescription drug coverage), you may have to pay a late enrollment penalty if you join a plan later. 
  • Part B Penalty: If you don't sign up for Medicare Part B during your initial enrollment period and you don't have other creditable health coverage (coverage that is expected to pay, on average, at least as much as Medicare's standard coverage), you may be subject to a late enrollment penalty. 

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Copyright © 2023 Sea Side Retirement Services LLC Website - All Rights Reserved.


  

This website serves as an invitation for you, the customer, to inquire about further information regarding Medicare Supplement insurance, Medicare Part C, and Medicare Part D. Your request for information will be routed to a licensed agent who can provide you with further information about the insurance plans offered by one or more of our third-party partners. Submission of your contact information constitutes permission for an agent to contact you with further information, including complete details on the cost and coverage of this insurance.

 This is a solicitation for insurance 

We, and the licensed agents that may call you, are not connected with nor endorsed by the U.S. Government or the federal Medicare program. Medicare has neither reviewed nor endorsed the information contained on this website. This is not a complete listing of plans available in your service area. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. For a complete listing please contact 1 (800) MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048, 24 hours a day/ 7 days a week, or your local State Health Insurance Program (SHIP) consult www.medicare.gov.


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