Private insurance companies sell Medicare supplements and Part D prescription plans through local agents, direct marketers, and online.

There are ten standardized supplement plans identified by letters A - N. Each provides core benefits plus other coverages like skilled nursing care, Part A deductible, Part B deductible, Part B excess, foreign travel, or annual out-of-pocket fees. Decide what benefits are important to you and choose the corresponding letter plan. Prices vary by insurer, but benefits for the selected letter plan are identical. You pay the full cost of the Medicare supplement.

Look into insurers offering Part D coverage as well. Compare pricing and pharmacy options with your prescription needs.

A Medicare Advantage Plan is another alternative to consider. Depending on location, options may include HMO, PPO, Private Fee-for-Service, or Special Needs Plan. Medicare Advantage Plans have provider restrictions that reduce benefits for unapproved, out-of-network providers. Many cover prescription drugs, vision, and other wellness care. Advantage plans typically cost less than Medicare supplements.

Making a good decision starts with assessing your healthcare needs and preferences. Then explore coverage and pricing for Medicare Supplement, Part D Prescription options, and Medicare Advantage Plans. Before proceeding, check the prospective insurer's complaint record, financial stability, and licensing status.