Medicare Supplement plans, also known as Medigap, are policies that help pay for the excess charges left over by Medicare. These costs are things like your deductibles and coinsurance.

Medicare Advantage, also known as Medicare Part C, is a health insurance plan provided by private companies approved by Medicare. It offers at least the same coverage as Original Medicare – Part A and Part B. But also, Medicare Advantage gives some additional benefits that Original Medicare does not provide. The most often added benefit is prescription drug coverage (Part D), which is included in almost every Part C plan.

These additional benefits can sometimes be provided at no additional cost to you.

Medicare Part D is Medicare’s prescription drug benefit that provides outpatient drug coverage. Part D is offered through private insurance companies that have contracted with the federal Medicare program. You can secure Part D coverage through a stand-alone plan or get it bundled into a Medicare Advantage (Part C) plan.

Life insurance is a contract between an insurance company and policyholder. In exchange for a premium, the life insurance company agrees to pay a sum of money to one or more named beneficiaries upon the death of the policyholder.