Medicare Frequently Asked Questions
Straight answers to the questions we hear most.
What is the difference between Medicare Advantage and Medicare Supplement?
Medicare Advantage (Part C) replaces Original Medicare with a private plan that bundles coverage and uses a network. Medicare Supplement (Medigap) works alongside Original Medicare to help pay out-of-pocket costs, and lets you see any provider that accepts Medicare.
When can I enroll in Medicare?
Your Initial Enrollment Period is a seven-month window around your 65th birthday. After that, you can generally change plans during Annual Enrollment (October 15 to December 7) or when a Special Enrollment Period applies.
What happens if I miss my enrollment window?
You may face a late enrollment penalty that is added to your premium, and you may have to wait for the next enrollment period to get coverage. Talk with us early so you do not miss a deadline.
Do I need a Part D drug plan?
If you take prescriptions, or may in the future, you need creditable drug coverage to avoid a lifelong penalty. Many Advantage plans include drug coverage; Original Medicare and Supplement plans need a separate Part D plan.
Does it cost anything to work with Schwab Insurance Group?
No. There is no fee to you for our help comparing and enrolling in plans.
Can I switch plans later?
Often yes. You can usually change Advantage or Part D plans during Annual Enrollment, and Advantage members have an additional window from January 1 to March 31. Medigap rules differ, so ask us before you switch.
What is Medigap open enrollment?
It is a six-month window that starts the month you are 65 or older and enrolled in Part B. During it, you can buy a Medigap policy without medical underwriting.
Not sure which plan fits? Let us compare them for you.
There is no cost to talk it through. We will review your doctors, prescriptions and budget, then explain your options in plain English.