At its core, Medicare is a basic health-insurance program provided by the federal government. Most Medicare recipients are seniors-people 65 or older. However, people with certain disabilities or illnesses can also qualify regardless of age. Because Medicare is administered by the federal government, there are no state-by-state eligibility requirements , although some benefits may vary depending on where you live.
Standardized Medicare Supplements, also known as Medigap or Supplemental Insurance came into law in 1992. Since then, all plans sold must offer the same benefits as defined by their plan type regardless of the insurance company.
A Medicare Part D Formulary refers to the entire list of prescription drugs covered under a Part D Prescription Drug Plan (PDP). The list is usually divided into groups. These groups are based on your cost under the plan and referred to as tiers.