This type of coverage consists of two accident and sickness benefit plans:
The Medicare Supplement which literally dovetails in with the Original Medicare A&B, providing nearly seamless coverage and is generally acceptable at most any medical provider registered with Medicare. Premiums vary from the low $100/mo. level and higher depending upon age. The Client derives benefits from both Medicare A&B and the Supplement.
The other form is called Medicare Advantage. Here the premiums are generally lower, the continuity much more limited, acceptability not as great as the Supplement, and generally contains copays for most services. All benefits are obtained from the Medicare Advantage Plan, not the Original Medicare A&B which must in any case be maintained in order to continue the MA plan. In addition, through Medicare Part D, provided through a variety of insurers is the Prescription Drug Plan. This needs to be fully discussed, as do all supplementary plans, with each Beneficiary. Generally, these prescription drug plans contain copays for generic and brand name drugs.
Finally, for seniors, consideration needs be given to Long Term Care Insurance (which covers the universal exclusion which no other coverage provides—-think custodial nursing and general care), final expenses life insurance, dental coverage, and annuities (both those in deferral and annuitized, providing streams of income one cannot outlive and which, at early demise, provides that all remaining original premium contributions flow back to the beneficiary’s family.)
Obviously, much care needs be devoted to tailoring coverages, time frames, open-enrollment and guarantee periods, as well as insurability rules, regulations, compliance, suitability, and risk-tolerance considerations. Person-to-person consultation, disclosures, and understandings are paramount for ultimate client satisfaction. We all work for the client. That is our watchword.