Understanding your options
Medicare Plans Explained
Navigating Medicare doesn’t have to be complicated. We help you compare your options side by side — at no cost to you.
Which Medicare Plan Is Right for You?
Medicare comes in several parts, and choosing the right combination depends on your health needs, budget, and preferred doctors. As an independent broker, we have no incentive to steer you toward any particular carrier — our only goal is finding the plan that fits your life.
Below you’ll find a plain-English overview of each major plan type. When you’re ready, we’ll walk through your specific situation together — free of charge.
Part C
Medicare Advantage
All-in-one coverage through private insurers
Medicare Advantage plans bundle Parts A, B, and usually Part D into a single plan. Many include extras like dental, vision, and hearing. Premiums are often low or $0, but you’ll typically use a network of providers.
Key benefits
- Often $0 or low monthly premium
- Includes dental, vision & hearing in many plans
- Prescription drug coverage usually included
- Out-of-pocket maximum protects you from large bills
Things to consider
- Network restrictions — must use plan doctors
- Prior authorization may be required
- Benefits and networks change annually
Supplement
Medicare Supplement (Medigap)
Fill the gaps Original Medicare leaves behind
Medigap plans work alongside Original Medicare (Parts A & B) to cover cost-sharing like deductibles, copays, and coinsurance. You keep full freedom to see any Medicare-accepting provider nationwide.
Key benefits
- See any doctor who accepts Medicare — no networks
- Predictable, low out-of-pocket costs
- Coverage travels with you nationwide
- Guaranteed renewable as long as you pay premiums
Things to consider
- Higher monthly premium than Advantage
- Does not include drug coverage — need separate Part D
- Medical underwriting may apply outside open enrollment
Part D
Prescription Drug Coverage
Stand-alone drug plans for Original Medicare
Part D plans cover prescription medications and are available as stand-alone plans to pair with Original Medicare and a Medigap policy. Formularies, tiers, and premiums vary widely by plan and ZIP code.
Key benefits
- Covers brand-name and generic medications
- Protects against catastrophic drug costs
- Available in every county nationwide
- Low-income subsidies available (Extra Help)
Things to consider
- Each plan has its own formulary — check your drugs
- Premiums and copays vary by plan
- Late enrollment penalty if you delay without creditable coverage
Side-by-Side Comparison
| Feature | Medicare Advantage | Medigap | Part D |
|---|---|---|---|
| Monthly premium | Often $0–$50 | $100–$300+ | $10–$60 |
| Provider network | Network required | Any Medicare provider | Pharmacy network |
| Drug coverage | Usually included | Separate Part D needed | Yes — standalone |
| Dental & vision | Often included | Not included | Not included |
| Out-of-pocket max | Yes — capped annually | Very low with Plan G/N | Catastrophic cap |
| Nationwide coverage | Limited to network | Yes — full USA | Pharmacy network |
Premium ranges above are general illustrations only. Actual premiums vary by county, carrier, plan and plan year. Ask us for current figures for your ZIP code.
Common questions
Frequently Asked Questions
When can I enroll in Medicare?
Your Initial Enrollment Period (IEP) begins 3 months before your 65th birthday month and ends 3 months after. Missing this window without qualifying coverage can result in late enrollment penalties.
Can I switch plans after I enroll?
Yes. The Annual Enrollment Period (AEP) runs October 15 – December 7 each year. Medicare Advantage enrollees also have an Open Enrollment Period January 1 – March 31 to switch or return to Original Medicare.
Does it cost anything to work with you?
No — our services are completely free to you. We are compensated by the insurance carriers, which means you get expert, unbiased guidance at zero cost.
What if my doctors aren’t in a plan’s network?
This is one of the most important things to check. We verify your specific doctors and preferred hospitals before recommending any Advantage plan. Medigap avoids this issue entirely — it works with any Medicare-accepting provider.
Outside open enrollment?
Special Enrollment Periods (SEP)
Life changes can qualify you to switch, join, or drop a Medicare plan outside of the standard Annual Enrollment Period. If any of the circumstances below apply to you, you may be able to act right now — don’t wait until October.
You moved to a new address
Moving out of your plan’s service area, into a new service area, or to a location with new plan options triggers a SEP. This includes moving into or out of a nursing home or other care facility.
You lost other health coverage
Losing employer-sponsored insurance, retiree coverage, COBRA, or other creditable coverage qualifies you for a SEP to enroll in a Medicare plan without a late penalty.
You qualify for Extra Help (Low Income Subsidy)
Beneficiaries who gain, lose, or have a change in their Extra Help status can switch Medicare Advantage or Part D plans once per quarter during the first three quarters of the year.
Your plan is leaving your area or losing its contract
If your current Medicare Advantage or Part D plan is discontinued, loses its Medicare contract, or stops serving your area, you automatically receive a SEP to choose a new plan.
You were released from incarceration
Individuals released from incarceration have a SEP to enroll in Medicare Advantage or Part D coverage.
You recently became eligible for Medicare
Turning 65 or qualifying due to disability or ESRD opens your Initial Coverage Election Period (ICEP) — a form of SEP — to choose your first Medicare Advantage or Part D plan.
Most SEP windows run about two months from the qualifying event, though the length varies by circumstance. Missing the window generally means waiting until the next Annual Enrollment Period (Oct 15 – Dec 7). If you think you may qualify, contact us right away.
Not Sure Which Plan Fits You?
Tell us about your situation and we’ll compare the options we offer in your area — free, with no obligation.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1‑800‑MEDICARE, 24 hours a day / 7 days a week, to get information on all of your options.
GK Financial Services is an independent insurance brokerage. We are not affiliated with or endorsed by Medicare or any government agency.
Plan availability, benefits, premiums, provider networks and drug formularies vary by county and may change each year. Enrollment in a plan depends on contract renewal. Insurance products are subject to plan availability and eligibility requirements. Licensed in AL, CT, FL, GA, IL, IN, KY, LA, MA, MD, MI, MS, NC, NJ, NM, OH, OK, SC, TN, TX, VA, WA, WI, WV. National Producer Number 17601359.