GLOSSARY

Original Medicare - Part A and Part B

Part A - Hospitalization, Skilled Nursing and Hospice

Part B - Medical Services

Part C - Medical Advantage Plans offered by private insurance companies, these plans must cover  Original Medicare benefits and often have additional benefits and include prescription drug coverage, plans monthly premiums may start at $0.00

Part D - Prescription Drug Coverage

Medicare Supplement or Medi-Gap plans  are offered by private insurance companies and have a monthly premium which may change year to year.  These plans work as a secondary to Medicare

Plan G or N - are the most common Medicare Supplement plans

Deductible - An amount paid before plan co-pays and co-insurance benefits begin

Co-pay - A fixed amount

Co-Insurance - A percentage of a fee

Annual Enrollment Period - a time between October 15 through December 7 to make plan changes for the upcoming year, if you choose 

Formulary - A list of medications covered under the a plan

Provider Directory - A list of providers, hospitals who accept a plan