Medicare Parts A and B provide coverage for your hospital and provider services. However, if you only have Parts A and B, you will be responsible for some significant deductibles and copays. Most Medicare beneficiaries have some sort of additional coverage to help with these costs.
If you have decided you want a Medicare Supplement, you have most likely been researching the difference between the standardized plans. One of the differences between them is the Excess Charge coverage.
A Medicare Select Plan is a Medicare Supplement plan with one variation.
Although Part D is associated with Medicare, the way it works and the way you enroll is different from Parts A and B.
Often people enroll in a Part D prescription plan when they first become eligible for Medicare. Usually, the only reason not to enroll at that time is if you continue to work and/or have coverage through your employer. There is no penalty if you decide to continue working and enroll in Part D when your “credible coverage” ends.
However, sometimes people who are not taking any medications want to delay their Part D enrollment to save money on the Part D premium each month.