You may recall that four of the Medigap Insurance Plans went off the market in 2010. If you had one of those plans, you could keep it, though. While new beneficiaries couldn’t get those four plans, they were offered two new options: Medigap Plan M and Plan N.
Next year, Medicare Prescription Drug Plans will be changing. Twenty-eight such plans will be available in 2012. Medicare Advantage Plans typically cover prescriptions, too. What’s the difference between the two options?
Medicare Prescription Drug Plans supplement traditional Medicare, while Medicare Advantage Plans effectively replace traditional Medicare. You do need to confirm that an Advantage will cover your specific medicines because these plans don’t cover all prescriptions.
In addition, you also have a choice of 10 forms of Medigap Insurance. These plans work with traditional Medicare to fill in its gaps. The Part D Drug Plans also add to traditional Medicare benefits. It’s only the Medicare Advantage Plans that are a substitute for traditional Medicare provided by private insurance companies. If that all sounds “clear as mud,” don’t despair. We host free, live teleseminars at the beginning of each month to explain how all of these options work to help you get more from your Medicare coverage. You can sign up for the next one right here.'

Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.